August 2019 | Steel Raw Materials
Further price falls expected as price downturn grips iron ore market: Iron Ore Market Analysis
The fundamental drivers behind the iron ore price surge have now shifted as the fast rising demand growth slows down in China and seaborne supply recovers.
The downward price correction we have been anticipating for several months now appears to have gripped the market, although prices still remain elevated. On Tuesday August 6, Fastmarkets 62% Fe fines benchmark reached the lowest level since mid-May as it plummeted below the $100-mark. We saw the sharpest daily price drop in over nine months on Friday August 2 as the index fell by 6.9%. By the end of the week, Fastmarkets 62% Fe fines benchmark averaged $115.63 per tonne, dropping 1.41% week on week, and we saw similar price falls in the iron...
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