The export pig iron market from the Commonwealth of Independent States improved in the week to Thursday October 14, with new sales to Italy and a bullish mood among suppliers.
The global coke trade has been well received in recent days. Global demand for coal is still strong and supply remains limited. Delayed sales can be attractive to markets in the current situation.
The iron ore market is going through inflammatory days. Despite the cross-sectional growth in iron ore prices, the outlook for this product is weak. Demand for iron ore is expected to weaken by February 2022 due to further declines in steel production and tighter emissions controls.
Despite all the shortcomings and challenges created by China in the steel supply chain, the central government has begun to demand a reduction in steel production, and China seems to be very serious about this. Elimination of Chinese steel export discounts In the current situation, it is unlikely to curb Chinese steel exports in the short term. Instead, it could even lead to a global increase in some steel products.
It seems that the price of sponge iron in world transactions has reached its peak and in the coming days we will see a drop in prices in this market. Due to the recent decline in iron ore prices due to the Chinese decisions, the market is experiencing a recession and expectation. The reduction of sponge iron premiums is also one of the high probabilities in the current market.
Due to the withdrawal of large industrialized countries from the Corona crisis, we are witnessing the growth of maritime shipments of mineral shipments in large companies. Rio Tento exports, for example, rose 9.13 percent to 6.18 million tons a week. These shipments were made from Dampir port and Cape Lambert. Average weekly shipments were estimated at 5.67 million tonnes in the past four weeks
Fluctuations in the price of the dollar in recent days have embittered many investors and traders. The government has amassed enough liquidity from the society and now, with the growth of the dollar, it is attacking the market recession as much as possible. Continuation of this trend could face a catastrophe for Iran's economy in the field of currency. It seems that the growth of financial markets has not been ineffective in this regard.
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.
Seaborne coking coal prices continued to be supported by regular procurement demand in the cfr market on Monday July 26, while the fob market was largely stable on new buying interest for August-loaded cargoes.
Iron ore prices fell on Wednesday July 21 due to steel production cuts in some Chinese provinces for the second half of 2021, sources said.
Europe has ambitious goals for its environmental indicators. Europe aims to be the first continent free of environmental pollution in the world. The purpose of these proposals is to prepare all sectors of the EU economy to meet this challenge. The Commission set the European Union on track to achieve its climate goals by 2030 in a fair, cost-effective and competitive manner.