STEEL WEEK IN BRIEF: SGX announces new iron ore contract; raw materials prices mixed; stainless falls...

Metal Bulletin reviews the major stories that have affected the steel market during the week ended Friday October 5.

Raw materials The Singapore Exchange (SGX) will launch a high-grade iron ore derivative product to be settled against the daily MB 65% Fe iron ore index published by Fastmarkets. Subsequently, market participants hailed the decision, saying it will serve the burgeoning need for better price risk management tools. Dock buying prices for ferrous scrap at one US East Coast export region could see a large price reduction after exporters backpedaled on recent across-the-board price increases due to declining Turkish export rebar prices. Japan-origin H2-grade ferrous scrap re-entered the Vietnamese import market because a seller was trying to offload export cargoes in the face of supply pressure. This was despite higher prices in the...

Published

October 12, 2018

23:03 GMT

London