STEEL WEEK IN BRIEF: Stable iron ore prices, Iran sanctions, ArcelorMittal earnings...

Metal Bulletin reviews the major stories that have affected the steel market over the past week.

Spot iron ore prices strengthened on Friday after increases in the steel and futures markets, reaching values of more than $67 per tonne. BHP expects suppliers of high-quality steelmaking raw materials to benefit from the increase in Chinese steel capacity utilization rates and margins following the country’s supply-side reforms. Seaborne coking coal prices, meanwhile, softened on Friday, although market participants in China said that they do not expect any significant drops in the coming week. China’s domestic and export coke prices gained some upward momentum thanks to higher mill margins and continuing measures intended to reduce pollution. Global ferrous scrap prices were mostly going higher, with values beginning to climb out of the price trough. Turkish buyers were mostly on the market sidelines due to higher offers and sluggish demand, but a deal concluded at higher prices supported their negotiating position. Containerized Taiwanese import prices rose on bullish sentiment due to higher offers of Japan-origin...

Published

Ana Paula Camargo

May 11, 2018

20:28 GMT

São Paulo