Steel Products Prices North America
April 29, 2014
Chinese Iron Ore & Steel Traders Under Pressure
Written by John Packard
According to a note recently received from one of our active trading sources in Asia, iron ore traders are under pressure as port stocks hit 112.63 million metric tons and new orders for steel exports become more difficult due to anti-dumping sentiment against Chinese steel around the world.
Our source told SMU late last week, “Port Stocks at 108.5* Million Tons now… Cash strapped Traders and Importers is what is causing the pressure, plus exports are going nowhere John. Right now, only exports are going into S.E. Asia as EU markets are 30% Overcapacity right now, Chinese steel prices not being accepted and even negotiation on prices are not being discussed. Anti Dumping has gone Viral now, and I wonder in next 6 months to end of 2104, what markets or products will still be viable for China.” On Monday (today) he advised port stocks were now at 112.63 million metric tons which is an increase of 4.13 million metric tons over the past ten days.
