March 2017 | Steel Raw Materials
strong steel price supports buying - for now: Iron Ore Market Analysis
One key question as we enter March is whether Chinese (and other 2nd and 3rd tier producers) iron ore output will respond to higher prices, and the answer is clearly in the affirmative
After spending most of last week above $90/t, the iron ore fines price finally dipped below that level on Monday. The spot Fe 62% index price delivered to China (normalized to Qingdao) fell to $89.73/t, while pellet also slipped to $115.62/t (Fe 65%). A consistently strong steel price is supporting purchasing for now, although the high level of port inventory means that many buyers prefer to source from there rather than secure seaborne cargoes, and this contributed to the softness.
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