Steel markets transition, raw materials stabilise

Steel markets transition, raw materials stabilise (May 16, 2017)

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Last week was a week of transition for the steel markets as both scrap and iron ore prices stabilised and the market began looking for direction.

Iron ore prices were steady the entire week at levels very close to $60/tonne cfr China; this level has been recorded since 5 May. The stability of iron ore prices helped a recovery in finished steel prices in China compared to the week before, but market observers noted that this small recovery in rebar and HRC prices is not set to hold further in the short-to-mid-term.

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Steel markets transition, raw materials stabilise (May 16, 2017)

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