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Iron ore approaches 11-month low

Iron ore approaches 11-month low (June 13, 2017)

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Iron ore prices continued to slip last week, falling below $55/tonne cfr Qingdao for the first time since October, according to the Kallanish price index. The current value is close to the lowest level since July 2016.

This year’s price graph is a cause for concern, due to the fall in the iron ore price registered since it rose above $90/t cfr Qingdao in February. On an annual comparison however the price remains 8% above the level registered in June last year.

An overall new correction in iron ore prices is therefore suggested. As a consequence of this, there should be room for finished steel prices to fall slightly in the Chinese market, where HRC is currently holding firmer than rebar. 

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Stainless Steel CRC / Italy Delivered Basis EUR/t 5.0%
Rebar / Turkey FOB USD/t -0.0%
E6 New cutting scrap (DKP) / Turkey / delivered basis, TRY/t 0.0%
HMS 1/2 Scrap / Taiwan CFR USD/t 2.0%
E40 Shredded Scrap / Italy Delivered Basis EUR/t 3.0%
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E2 & E3 Shipbreaking scrap /Turkey / Delivered basis / USD/t 0.0%
E8 Light New Scrap / Italy Ex-Works EUR/t 1.0%
HMS 1&2 80:20 / UAE, delivered basis AED/t 1.0%
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Billet / GCC / CFR USD/t 0.0%
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