Kallanish Consulting Services’ Ian Roper foresees strong supply growth pulling iron ore prices back down towards $90/tonne by year-end. He said at Thursday’s Kallanish Asia Steel Markets 2023 event in Ho Chi Minh City that iron ore market tightness will fade in the second half of 2023.

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The merchant pig iron market continues to wane in the wake of the considerable activity of the last two months, with a slight divergence of direction noted in the main markets. The US import market was relatively quiet, with the exception of a couple of negotiations, which have not yielded sales. …

Following last year’s 2.3% slump, growth in global steel demand is expected to be limited to only 1% in 2023, the OECD Steel Committee concluded last week. There is growing concern over the disconnect between the rapid build-up of new steelmaking capacity in some economies and market expectations of steel …

Australian fob coking coal prices slipped last week as buyers retreated to the sidelines. Kallanish assessed premium hard coking coal at $365.04/tonne fob Australia, dropping $2.04/t from $367.08/t the previous week.

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