Iron Ore Prices Back Up, China Steel Prices Follow
MetalMiner | Jan 25, 2013 01:14AM ET
One sign lies in Fortescue Metals Group’s iron ore shipments rising by 32 percent in the December quarter from a year ago, “nearly all bound for Chinese steel mills,” as the price rally has been driven by shutdowns at Port Hedland, the world’s most important iron ore port, which was “closed for about 24 hours, while Rio Tinto’s port operations at Cape Lambert and Dampier have also been forced to shut down as Cyclone Peta passed.”
Korean steel prices were up for the week. In the past week, the price of Korean steel scrap shot up 4.3 percent. Korean pig iron prices ticked up 1.4 percent.
In Western Steel Markets
Last week, the cash price of steel billet shifted slightly on the LME, rising by 0.7 percent to close at $282.00 per metric ton. Closing at $285.00 per metric ton, the 3-month price of steel billet remained unchanged on the LME for the week.
The 3-month price of the US HRC futures contract fell 0.8 percent for the week to settle at $645.00 per short ton. Since last week, the price of the US HRC futures contract spot price fell to $633.00 per short ton after moving 0.3 percent.
In the past week, US shredded scrap saw its price shift up 0.3 percent.
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