Metallurgical raw material prices in the world market continued to decline slowly last week.
One of the main negative factors here is the weakness of steel products, while the other is considered to be forcing metallurgists to look for opportunities to cut costs. In addition, the economy and the metallurgical industry in China are in recession.
Rolled product prices in the local market have fallen to their lowest level since the beginning of this year, and with it, raw materials are getting cheaper. The limited production also brings to mind the rise again.
Iron ore on the DCE China Commodity Exchange is at its lowest in more than a year and a half. Most likely, the capacity utilization level of metallurgical plants will continue to decrease as the level of capacity decreases and from November 15th, winter restrictions will come into effect, leading to a further contraction in iron ore demand. In China, the price of coking coal has fallen somewhat, despite the continuing shortage of high-quality materials in the country.
The suspension of billet imports from China and the transformation of Chinese companies into exporters (or rather re-exporters) of such steel products has shaken the Asian scrap metal market. In Turkey, where metallurgy companies could not achieve a new increase in long product prices, the cost of this raw material decreased somewhat.
Current global iron ore prices are trading at $91 on 08.11.2021.
Comments
No comment yet.