Upward pressure on steel prices is likely to continue for some time, with no prospects for demand weakening in the short term after its stunning recovery since the tail-end of 2020. So said International Rebar Exporters and Producers Association (Irepas) committee members at the association’s virtual meeting this week.

Governments …

The momentum of CIS merchant pig iron sales to the US has been interrupted by iron ore and steel price fluctuations in China, and a correction in Turkish scrap prices in the past week. But suppliers are keeping their cool as they deem the US to still have great buying …

Turkey extended its lead significantly in 2020 over second- and third-largest scrap importers India and South Korea, both of which saw intake decline versus 2019. Nevertheless, in 2021, China is expected to easily become the second largest scrap importer, somewhat putting in discussion Turkey’s leadership in this area going forward. …

Fitch Ratings has last week published a significant upwards revision to its 2021 iron ore price assumption due to tight market supply that is expected to continue in the next couple of years.

Iron ore in 2021 is now seen averaging at $125/tonne cfr China for 62% Fe fines, versus …