Steel Products Prices North America
July 31, 2018
CRU: July Jump in Iron Ore Price Only Temporary
Written by Tim Triplett
Iron ore prices have jumped from about $62 to $66 per ton in the past month, but the change is only temporary, said CRU senior analyst Erik Hedborg. “Ore prices are slightly higher in July, but we expect them to continue to fall for the rest of the year.”
Hedborg attributes the July bump to a slowdown of production in Australia following a surge in June as the nation’s fiscal year came to an end. “We see quite a lot of new supply coming onto the market in the next few months, especially from Brazil and Canada. So that is why we foresee prices falling in the second half of the year,” he said.
