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Kallanish Steel Weekly: Scrap and iron ore fall rapidly

Kallanish Steel Weekly: Scrap and iron ore fall rapidly (Sept. 26, 2017)

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Last week raw material prices increase the pace of their fall as Chinese sentiment decreased and markets started to react quickly to the new negative trend.

Iron ore prices last week fell below $65/t CFR Qingdao for the first time since the beginning of July. Since September, the price has fallen over - 15%. Looking ahead, the slump is set to continue further and new forecasts released by analysts predict next year’s iron ore level will be lower than in 2017. Citi, for example, predicts iron ore prices in 2018 to be -25% lower than in 2017. According to Kallanish price series the average during the last twelve months has been $73.14/t CFR Qingdao, with the highest level reached in February this year at slightly below $93/t CFR and the bottom at $53.5/CFR in June.

 

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