Steel prices in China surge to record highs
Backed by a strong demand in the country and abroad, the prices of rebar and hot-rolled coil in China witnessed an all-time high. China is the world's biggest steel producer and this increase in price is helping maintain the high level of profitability being enjoyed by the mill owners in China.
Indian steel industry equipped to deal with oxygen diversion
Sources within the industry have said that the steel production in the country will not be affected even though industrial use oxygen is being diverted to hospitals for saving lives as a priority. The statement holds relevance in the context of the COVID-19 pandemic raging in the country and with various integrated steel plants contributing to the liquid medical oxygen in the country.
Surge in Indian iron ore exports; data shows record highs in a month
Data analysis by Braemar ACM data shows that Indian iron ore exports being transported by sea witnessed a 47% jump in March to reach 6.6mn tonnes. This is the highest monthly total on record. Of these, cargoes to be delivered to China stands at 5.1mn tonnes This figure is also the highest in terms of the monthly record. The increases are being witnessed as China continues to diversify the sources of its raw materials and agricultural products.
High demand by Chinese steel futures spikes iron ore prices
Strong demand by China for iron ore has spiked the prices of the raw material. This is despite the Chinese government announcing production cuts in the country. Fastmarkets MB that always gives reliable data on commodities revealed that a benchmark of 62% iron ore fines imported to the northern part of China saw trade at $173.63 a tonne - an increase of 1.59% from the last trade.
Export index for Indian low grade fines see a new high
Iron ore prices reached a new high as buying interest for medium grade iron ore fines remained strong amid tight supply. The new high marks a record boost in nine years for the global index. This has also given a solid boost to the Indian export index of low grades fines
Demand for export of Indian low grade iron fines surges
Reduced coke prices have led to an upsurge in the demand for low grade iron ore fines. Reports show this trend has been witnessed mostly for super special fines and Fortes-cue blended iron ore fines. These Indian fines have witnessed a surge in both seaborne and port-side markets since February this year.