Two weighty factors in steel production, scrap and iron ore, continue to point upwards in terms of demand and price trends. And after the Chinese holidays, nickel rises on the Shanghai Future Exchange.
Scrap: prices up by $42 per tonne
Recent purchases by Turkish steel mills have pushed scrap prices up sharply by $42 per ton, sources told Fastmarkets.
Iron ore prices continue sharp rise
As The Detroit News summarizes in a recent article, the steel boom continues to send iron ore prices higher. Analysts expect benchmark prices for 62% spot iron ore to rise to $200 per ton within the next few weeks.
Where is this rise in iron ore prices coming from?
The booming economy in China, a projected deficit of 18 million tons of iron ore in the first three quarters of 2021, and production and shipping shortfalls at top miners.
Nickel on the SHFE continues to rise
On the SHFE, nickel trades at around US$ 400 higher than at the end of last week after the Chinese holidays.
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