- 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!
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