- The cost of iron ore being delivered to North China went down to $110.25 per unit on April 21st. This is the cheapest it has been in four months.
- This comes after Beijing once again talked down this key steel raw material,
- China buys more than 70% of seaborne iron ore and produces over half of the world’s steel, so these actions can have a big impact on the market.
- The outlook for iron ore demand in China is mixed, with some positive signs like a rising GDP and falling inventories, but also concerns like falling property investment and a proposed steel output cut.
- Iron ore imports are still holding up for now, but the overall outlook is less certain than at the start of the year.
- For us as a scrap yard in PA, We are lucky to have two electric arc furnaces which use a majority of scrap in our area however many mills are blast furnaces and still use a lot of iron ore.
- If iron ore goes down it is probably not a great sign for scrap metal pricing in may, but stay tuned for more updates! As soon as we get more information we will let you know!
Hi there. Alex Vazquez and Cary Frick coming to you with the new Junkyard Blog from Sahd Metal Recycling. You wouldn’t believe it, but there