Steel Products Prices North America
November 15, 2018
Iron Ore Prices Rise, But Bearish Risks in Sight
Written by Tim Triplett
By CRU Senior Analyst Erik Hedborg
Iron ore prices have lifted since last week, primarily due to concerns over BHP suspending operations on its Pilbara network. [Editor’s note: BHP suspended rail operations in Western Australia after it was forced to deliberately derail a runaway ore train on Nov. 5.] This caused iron ore prices to surge to a seven-month high late last week, before shedding some of their gains this week on the back of better damage control measures implemented by BHP. The wreckage has now been cleared and railway services to Port Hedland have recommenced. There was a marked decline in Port Hedland shipments since the accident, but there is increasing likelihood that operations will come back to normal sooner than previously thought.
