The seaborne iron ore market remained under pressure during the week, with Chinese mills being very careful with how much they spend on raw materials
amid a weak steel market.
Despite ending the week showing a slight recovery at $51.15 per tonne cfr Qingdao
, Metal Bulletin’s 62% Fe Iron Ore Index has once again dropped below the $50-per-tonne-cfr market, reaching $49.48 per tonne cfr Qingdao on Thursday May 26
as buying activity slowed.
The price downtrend has spread to other steelmaking raw materials.
The global scrap markets continued to be depressed by falling prices during the working week from May 23 to May 27
, as most participants were waiting for the Turkish mills to return to the deep-sea market.
Japan’s Tokyo Steel, for instance, cut its domestic H2-grade scrap purchase process for the fifth...