Pressures ease on steelmaking raw materials

Pressures ease on steelmaking raw materials (June 20, 2017)

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Last week the steel market saw the pressure on raw material prices easing slightly. Iron ore levels moved up toward the end of the week and scrap prices reached the highest point since March this year.

Iron ore prices closed the week near $55/tonne cfr Qingdao, much lower than the peak reached in the first quarter this year, but higher than at the beginning of the week. The momentum picked up after the market touched its current annual bottom at $53.49/t cfr Qingdao on Tuesday 13 June.

The slight recovery in iron ore prices also lifted the momentum of the coil market in China last week. Traders were looking at a stable market going forward and reversing slightly their negative outlook of the previous week.

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Pressures ease on steelmaking raw materials (June 20, 2017)

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