Kallanish Steel Weekly
Worldsteel has revised its 2023 global steel demand forecast to 2.3% growth, compared to its 1% growth projection made in October when market sentiment was notably gloomier. Manufacturing is expected to lead the recovery, but high interest rates will continue to weigh on steel demand.
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Credit Suisse expects iron ore to remain solid this year on tight supply, but believes it is priced appropriately.
China steel mills’ lack of profitability caused by over-production will also cap prices at $130/ tonne this year.
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Australian fob coking coal prices continued to fall last week on more supply availability. Kallanish assessed premium hard coking coal at $278.33/tonne fob Australia, falling $17.32/t from $295.65/t the previous week. On the Singapore Exchange, Premium Coking Coal Futures for May settled at $285/t on Thursday. This is versus the …
Kallanish Consulting Services’ Ian Roper foresees strong supply growth pulling iron ore prices back down towards $90/tonne by year-end. He said at Thursday’s Kallanish Asia Steel Markets 2023 event in Ho Chi Minh City that iron ore market tightness will fade in the second half of 2023.
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