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Kallanish Steel Weekly: Scrap/iron ore differential hits new high

Kallanish Steel Weekly: Scrap/iron ore differential hits new high (Dec. 12, 2017)

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The differential between scrap and iron prices hit a new record level last week, as Turkish scrap strengthened further and iron ore moved down slightly after the most recent rally. According to Kallanish price series, the differential between Turkish imported HMS 1/2 and Chinese imported iron ore surpassed $285/tonne on 7 December. This was significantly above the previous record registered during August this year, at some $284/t. The jump in the differential was possible mainly because of the sudden increase in scrap prices in Turkey. In addition, Chinese iron ore settled at slightly below $70/t cfr Qingdao last week, temporarily bringing to a halt the rally initiated at the beginning of November. That had seen the price increase by some $10/t over a short period of time.

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