January 2019 | Steel Raw Materials
Index at 8-week high ahead of Chinese new year, but price drop expected: Iron Ore Market Analysis
The recent short-term build-up in stocks by Chinese steelmakers helped push prices higher, although the outlook remains bearish.
Iron ore prices across the board moved up last week as Chinese mills sought more steel raw materials ahead of the approaching Chinese New Year holiday. Unlike the two previous weeks when we saw pellet prices slump, prices for all iron ore products rose last week. The benchmark, Fastmarkets MBs 62% Fe fines index, rose about 1% week on week to average $74.43 per tonne on the week ending Friday January 18. This is the highest level the index has reached for the past two months. The sharpest increase was seen in 58% Fe fines which...
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