Steel Products
January 11, 2013
Asian Scrap Markets Heating Up Even Though Steel Demand Muted
Written by John Packard
Written by: Damon Sun, Daido International
Asian markets definitively heated up on the back of the increased iron ore prices to China. Iron ore (63.5%) is trading around $160/dmt basis, which 3 months ago it was trading near $110-$120/dmt basis. The price increase is a bit unusual in terms there doesn’t seem to be an increase in demand nor a major increase in the demand on finished steel. It is based more on optimism on the new government in China and announcements of new building of railroad and highways to no where.
