Iron ore trading has been accompanied by declining demand due to China's rejection. Iron ore prices fell sharply on Friday. This figure is the lowest for the base product in the last three months. It remains to be seen to what extent this route can moderate the growth of steel prices in the world market.
The market for steel ingots and, consequently, raw materials in Asia has been accompanied by rising prices due to China's stormy purchases. The Japanese intend to share in the Chinese long-term profits by raising their trading prices. Some countries are also ready to meet the dire need for Chinese steel. The Philippines has had good business cooperation with the Chinese this week.
According to Metal Bulletin, copper and nickel production in the second quarter did not go according to plan. The main reason for this is the margins of the Vale Valley mine in Brazil and its subdivisions. The nationwide strikes in Vale mines have severely affected the processing of these two substances. For this reason, Metal Bulletin currently does not offer a clear vision of the production and supply of these two products.
The growth of steel prices has taken place in Iran in a situation where many domestic and international factors together can continue this trend until the end of the year. This is a wake-up call for the steel industry. It is enough for the government to turn to mandatory pricing policy. In this situation, we will see double market prices and closure of many factories by the end of the year.
Domestic steel rebar and wire rod prices in Turkey have softened over the past week amid falling imported scrap costs and low demand during holiday periods, market participants said on Thursday July 29.
Billet producers from the Commonwealth of Independent States increased offers for foreign customers this week despite the lack of inquiries from typical customers.