November 2017 | Steel Raw Materials
China steel price revival boosts benchmark: Iron Ore Market Analysis
The winter cuts which took effect this month have begun to impact on the Chinese steel market and the output caps have brought down blast furnace utilization rates in North China to the lowest on record.
Steel prices in China continued to climb last week and gave strong support to the iron ore price. Domestic rebar prices in East China rose over $22 week on week to over $640 per tonne. Since the end of September, the iron ore fines index had not been persuaded to move in any direction and hovered at a couple of dollars around $61 per tonne. Many market participants stayed on the sidelines. But last week, the steel price recovery in China gave a new boost...
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