The seaborne iron ore market was quiet at the start of the week, although news of output cuts at mills in a key steel production region in north China, shook market confidence.

The steel scrap sector in the United States still depends on exports to Turkey, a member of the Fastmarkets research team said during the ferrous session at the Bureau of International Recycling (BIR) conference in London last weekend.

The steel export trade from Iran has been hurt by neighboring countries closing their borders due to the appearance of coronavirus infection in the Middle Eastern country, Fastmarkets learnt on Friday February 28.

Fastmarkets published its India domestic, export and import prices later than scheduled on Friday April 12, because of a technical issue.

The seaborne iron ore market was quiet at the start of the week, although news of output cuts at mills in a key steel production region in north China, shook market confidence.

Editor Vera Blei looks at the main news covered by Steel First over the past week.

Steel billet prices dropped in almost all markets last week, affected by falling finished steel prices in China and continued weak buying activity due to the Islamic holy month of Ramadan.

Steel billet prices increased in most global regions last week, following consecutive rises in the Chinese billet market and better demand in some importing countries.

Billet prices have dropped over the past week in most regional markets, in tandem with softening ferrous scrap prices and weaker steel demand in China.

Metal Bulletin’s daily index for Northern Europe-origin HMS 1&2 (80:20) delivered to Turkey dropped day-on-day by $6.89 on Wednesday September 24 on a deal clinched at a lower price.