According to SteelRadar, German iron ore prices, which started the week of 6 May at €111.13, fell to €108.53 during the week. In the January-March period of 2024, global iron ore exports increased by 6% compared to the same period last year, reaching 376 million tonnes.
Germany's Saarrstahl Group signed a five-year iron ore supply contract with Iron Ore Company of Canada (IOC). From 2027, a direct reduction plant (DRI) and two electric arc furnaces will be able to produce low-carbon steel from iron ore using hydrogen instead of coking coal.
High interest rates and inflation in Europe continue to put pressure on steel prices, sources reported.
According to SteelRadar data, German iron ore prices, which closed last week at €108.53, started the week of 13 May at €108.77. Iron ore, which fell as low as EUR 107.00 during the week, is currently quoted at EUR 107.54. According to the forecasts of global iron ore companies, iron ore exports will remain high in the coming period.
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