Just when it seemed that iron ore prices had seen their fair share of volatility after the Chinese New Year, they decide to send more shockwaves to the market by rising to the $70-per-tonne mark.
Metal Bulletin’s 62% Fe Iron Ore Index stood at $70.46 per tonne cfr Qingdao on Thursday April 21, the highest in 15 months, before falling back to $66.33 per tonne cfr on Friday April 22.
Strength in iron ore is being fuelled by rising steel prices in China and the composition of material at port storage facilities, combined with government stimulus measures.
In the coking coal market, European buyers are looking to change their blends for coke production as Australian coking coal becomes increasingly more expensive, sources told Steel First.
Meanwhile, sellers of Chinese coke have reported having difficulties in making offers in a market with “very tight” supplies and ever-increasing prices.
The surge in global scrap prices continued over...