Kallanish Steel Weekly: Raw materials move up despite steel weakness

Kallanish Steel Weekly: Raw materials move up despite steel weakness (Jan. 16, 2018)

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Iron ore and scrap prices in China and Turkey started the year continuing to recover, but some finished steel markets started to show some signs of weakness last week, mainly in Asia, increasing the uncertainty in the sector going forward.

Iron ore concluded last week well above the $77.5/t CFR Qingdao, recovering some $5/t since the beginning of this year. While finished steel prices in China started correcting downward, iron ore is holding on the back of the expectation that crude steel production is set to rebound from March. The price level recorded on Thursday 11 January was the highest since April 2017, indicating the strength of the market despite the correction of rebar and HRC prices in China.

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Kallanish Steel Weekly: Raw materials move up despite steel weakness (Jan. 16, 2018)

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