Steel mills look to secure more ferrous scrap on projected loss in iron ore supply

Asian ferrous scrap prices are climbing due to steel mills looking to secure more steelmaking raw materials.

This is on the back of possible iron ore supply cuts by key Brazilian miner Vale, which said it was expecting a production loss of 40 million tonnes while decommissioning all its upstream dams over the next three years.
“Steel mills in Asia are looking to purchase more ferrous scrap in case prices climb further in the coming weeks. This is especially if iron ore supply is affected,” a ferrous scrap trader in South Korea said.

This includes mills in China, which are looking for shredded scrap and...

Published

Paul Lim

January 30, 2019

09:50 GMT

Singapore