The spot reference price for 62% Fe iron ore cfr North China rose for the sixth consecutive week, gaining 0.6% to $122.80 for the week ending November 16, 2012, and is now 38.0% higher than the recent low of $89.00 on 9/7/2012.
The spot price for iron ore averaged $141.84 in 1Q, $139.35 in 2Q, and $112.12 in 3Q; this compares to an average of $167.59 for full-year 2011.
The post-recession low was $59.10 on March 27, 2009, while the high was $190.19 on February 17, 2011.
Source: The Steel Index
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The spot reference price for 62% Fe iron ore cfr North China was up 0.7% to $115.30 for the week ending October 19, 2012, after increasing 9.9% the week before, and is now 29.6% higher than the recent low of $89.00 on 9/7/2012. Despite opening the week down, falling 1.7% to $112.60/ton, the price rebounded and hovered slightly above $115 for the final three days of the week.
For the first quarter of 2012, the spot price for iron ore averaged $141.84, and for 2Q, $139.35; this compares to an average of $176.90 for 1H 2011 and $167.59 for full-year 2011.
The post-recession low was $59.10 on March 27, 2009, while the high was $190.19 on February 17, 2011.
Source: The Steel Index
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Steel Market Production Cuts – JFE Steel, Japan’s largest plate producer, announced a 20% production cut for commodity and ship plate production by 20% from October through December; JFE produced about 4.41 mt of plate in 2011.
Steel Market Production Cuts – ArcelorMittal halted production at its Gijon plate mill on September 14 and its Aviles hot-strip mill on September 17. The company expected to re-start both mills today but had to push it back due to a one day strike by all of their Spanish workers.
Steel Market Production Increases – Chinese steelmaker Hanzhong Iron & Steel Group Company, Ltd ordered a new 600,000 tpy wire rod mill that is expected to become operational in early 2013.
Steel Market Production Increases – Mexican steelmaker Tubacero announced plans to build a 200,000 tpy spiral-weld pipe mill in Monterrey that is scheduled to begin production in the second quarter of 2013.
Steel Market Production Increases – Adria Steel, a Croatian rebar mini-mill, plans to re-start a 200,000 tpy meltshop by the end of October. The company hopes this will increase the efficiency and production of its rebar rolling process as the company will no longer have to import billet.
Steel Market Production Increases – Turkish pipemaker Ozbal doubled the production capacity of its new spiral-welded pipe mill – that came on line in March 2012 – to 150,000 tpy.
Sources: Steel Business Briefing, SteelOrbis, American Metal Market
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