Market looks well supported going into Q2

摘要

Iron ore prices remain well supported going into the second quarter with most market participants expecting prices to remain in the $140-$160/mt CFR range (see page 1). China domestic steel mill margins remain precarious, especially for rebar which is currently below cost, according to S&P Global Platts mill margins. The Platts 62% Fe IODEX increased by $1.25/dmt over the week from $160.20/ dmt on March 19 to $161.45/dmt CFR North China on March 26. This follows an average of $165.6/mt in February, roughly double the price of a year earlier.