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Kallanish Steel Weekly: Iron ore hits new low, scrap holds

Kallanish Steel Weekly: Iron ore hits new low, scrap holds (Nov. 7, 2017)

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Last week the iron ore price reached its lowest point since the end of June, falling below $60/tonne cfr Qingdao and getting closer to 2017’s low of $53.49/t cfr Qingdao registered in mid-June. The latest correction came after the price had been ranging at $60-65/t cfr since the end of September. This new correction raised some concerns among market participants globally but the price then recovered somewhat toward the end of the week.

This indicated that the market is not collapsing but only moving downwards slightly as Chinese mills apply output reductions because of environmental legislation for the winter. 

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