Reported 12 months ago
Recent increases in iron ore and Australian coking coal prices due to a rise in iron ore sand and a fire incident have supported steel prices. Steel mills are optimistic about potential policy boosts from China's upcoming Third Plenum, which could help sustain material price increases and support steel prices. The recent improvement in steel trading activity post rain in southern China has led to a slight increase in spot steel prices, contributing to the upturn in iron ore sand prices, nearing $120 per ton. Additionally, concerns over supply constraints following a fire incident at Australia's Grovena metallurgical coal mine have led to a rise in coking coal prices to $245 per ton, impacting steel production costs positively and aiding in stabilizing steel prices.
Source: YAHOO