Seaborne iron ore concentrate, pellet prices rebound in line with fines market
Seaborne iron ore concentrate and pellet prices increased in the week to Friday May 15, matching the general price trend for iron ore fines amid strong steel production in China.
According to the National Bureau of Statistics of China, daily production of steel products in the country reached 3.6 million tonnes in April, up by 3.6% year on year, and up by 11.8% from March this year.
Steel production figures released by the China Iron and Steel Association (Cisa) continued to remain above 2 million tonnes per day for early May. Cisa said production of crude steel at major mills in China reached 20.5 million tonnes in early May, up by 1.97% from late April. Meanwhile, steel inventories at the major mills in China totaled 14.7 million tonnes in early May, down by 0.45% compared with late April.
“A ramping up of production in steel in China, especially pig iron production which reached the highest level in six years, has pushed up prices of the raw material,” A trading source in Singapore noted.