After the global biggest export port of iron ore iron ore in short supply warned that there would be a cyclone, the price of iron ore has been consecutively going up for 12 days, which made the welding stainless steel market become more unrest.
On Thursday, the iron ore from Brazil has soared more than $170 per ton. It is the highest price of this raw material since February of 2013.
A week before, CIF price for stainless-steel coil in China and Indonesia respectively came up to around $1920 to $1930 per ton and $1940 to $1960 per ton. According to the estimation by professional institute, the CIF price of stainless-steel coil in East Asia reached $1920 to $1960 per ton, and $40 to $50 were increased than previous week. In Southeast Asia, the CIF price reached $1820 to $1830, and went $10 to $20 higher.
Besides, with the price of nickel in China market going high and the international freight increasing, the price of FOB price of stainless-steel coil recently has reached $1800 to $1900 per ton, which makes buyers feel unacceptable. The traders say, due to the unstable freight, both buyers and sellers are very cautious in their business.
Why did iron ore market become so energetic?
One reason is the unprecedented needs from East Asia and Southeast Asia. Another one is the iron ore in short supply concerns from Brazil and Australia. Now, to stimulate the economy after COVID19, China has focused on massive infrastructure construction.
Stainless steel raw materials are mainly iron, chromium Cr, and nickel NI. The price of these raw materials and the price of these ores play a decisive role in the price of stainless steel. If you want to pay attention to the stainless steel market, you must pay attention to the global nickel price, especially the price trend of LME nickel, but also pay attention to the global price trend and latest development of iron ore, molybdenum, and the price trend of other non-ferrous metals.