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Iron ore approaches 11-month low

Iron ore approaches 11-month low (June 13, 2017)

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Iron ore prices continued to slip last week, falling below $55/tonne cfr Qingdao for the first time since October, according to the Kallanish price index. The current value is close to the lowest level since July 2016.

This year’s price graph is a cause for concern, due to the fall in the iron ore price registered since it rose above $90/t cfr Qingdao in February. On an annual comparison however the price remains 8% above the level registered in June last year.

An overall new correction in iron ore prices is therefore suggested. As a consequence of this, there should be room for finished steel prices to fall slightly in the Chinese market, where HRC is currently holding firmer than rebar. 

Latest prices

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HRC / China FOB USD/t -1.0%
Rebar in Coil / Shanghai FOT CNY/t -3.0%
Rebar / China FOT Warehouse CNY/t -2.0%
Cold Rolled Sheet / China FOT Warehouse CNY/t -1.0%
Rebar / Turkey FOB USD/t -0.0%
HDG / N Europe Ex-Works EUR/t 1.0%
HRC / Vietnam CFR USD/t -2.0%
CRC / N Europe Ex-Works EUR/t -1.0%
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More Global Prices

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E40 Shredded Scrap / Spain Delivered Basis EUR/t 0.0%
Angle Bar / Turkey FOB USD/t -1.0%
Wire Rod / Turkey FOB USD/t -1.0%
E8 Light New Scrap / Spain Delivered Basis EUR/t 0.0%
Rebar / N Europe Ex-Works EUR/t -2.0%
Shredded Scrap / Turkey / CFR USD/t -1.0%
HDG / China FOT CNY/t -0.0%
HRC / China FOT Warehouse CNY/t -2.0%
HRC / Spain Ex-Works EUR/t -4.0%
E3 Demolition Scrap / Spain Delivered Basis EUR/t 0.0%
Billet / Tangshan Ex-Works CNY/t -1.0%
KORE 62% Fe / Qingdao CFR USD/t -3.23%
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