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Special Edition KSW: 2017 better than expected, 2018 looks mildly positive

Special Edition KSW: 2017 better than expected, 2018 looks mildly positive (Jan. 9, 2018)

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2017 was a better year than expected, mainly due to the good performance of the Chinese market, the reduction in exports from China and the rally of scrap prices globally.

Iron ore price during the year averaged $70-75/tonne cfr Qingdao according to Kallanish price series, well above the $60/t cfr Qingdao average registered in 2016. The year ended with spot prices close to the average annual level, but in March 2017 the market surpassed the $90/t cfr Qingdao. Overall prices at the end of the year were almost 10% lower than December 2016, but the market has enjoyed a continued recovery since the beginning of November, potentially continuing into January.

 

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