Last week the global indicators for ferrous raw material prices remained fairly stable in their range, continuing the trend initiated 10 October.

Scrap prices in Turkey remained stable again at $300-310/t CFR Turkey for HMS 1/2 (80:20). This is some $50/t below this year’s peak back during the summer, but some $90/t above the level registered at the end of October, indicating that the market remains fairly strong despite the correction seen since September.

Iron ore prices continued to be range-bound at $60-65/t CFR China for 62% Fe, as they have been since the end of last month. Last week the market was relatively weak toward the end, but an outlook remains difficult going forward. Further corrections could be expected, taking the price below the $60/t CFR. Last week nevertheless French Bank BNP Paribas maintained its outlook for an average of $68/t CFR for iron ore in January, in contrast with other analysts’ views expecting a volatile short term and lower iron ore prices into 2018.