Machine Industries — Steel

Steel/Metal Industry: Iron Ore and Steel Prices Climb to Record Highs Iron ore prices have reached an all-time high, with China’s domestic steel product prices also soaring to record highs. Although the summer off-season is ahead, the uptrend in steel prices is likely to continue if relationship troubles between China and Australia linger and if China’s plans to cut steel production materialize. Iron ore price tops US$200/ton, a record high On May 10, China’s imported iron ore price from Australia jumped 8.7% d-d to a record-high US$228/ton (Fe61.5%, CFR). Iron ore prices have risen 44.0% this year and 33.5% this...

Global Steel Price Rally Will Be Short-Lived Fitch Ratings-Moscow/London-02 February 2021: The recent global rally in steel prices will be short-lived, Fitch Ratings says, with prices starting to decline towards the end of 1Q21 as steelmaking production continues to be restarted. Vast steelmaking capacity idled during the heights of the pandemic could not be brought online quickly enough to meet recovering steel demand and restocking, leading to the rapid rise in prices.Up to 30% of global steelmaking capacity (excluding China) was idled or production at steel mills significantly reduced in response to a pandemic-induced drop in demand. However, the recovery...