Iron metallics prices in most regions were unchanged this week, owing largely to slack demand. Despite seeing significant declines in international scrap prices over the past month, DRI/HBI and merchant pig iron prices have remained stable. MBR understands that of the few buyers active across the major consuming markets this week, transactions only accounted for small volumes of material with July/August delivery. In northern Brazil, price negotiations between suppliers and mills remain in stalemate, as producers have exhibited resistance in lowering offers for August/September shipment, citing higher overall operating costs. That said, buyers suggest prices should decline, due to markedly lower iron ore costs. Meanwhile, Chinese merchant pig iron benchmarks declined for the second consecutive week, falling RMB30-40/tonne ($4-5/ tonne), due to weak input costs and lower demand.
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