Direct-charge iron ore demand falls amid cost cuts by Chinese steelmakers

Demand for direct-charge steelmaking raw materials iron ore pellets and lump has been limited due to steelmakers' focus on cost efficiency amid the ongoing sintering restrictions in China, sources told Fastmarkets.

As a result, prices for both iron ore lump and pellets have eased and will likely continue to fall further because of the weakness in demand, they said.
The month-to-date average of Fastmarkets' index for iron ore 63% Fe Australia-origin lump ore premium, cfr Qingdao is at $0.1767 per dry metric tonne unit (dmtu), down $0.0283 per dmtu, or 13.8%, from October's $0.2050 per dmtu.
The month-to-date Fastmarkets' index for iron ore 65% Fe blast furnace pellet, cfr Qingdao is at $166.92 per tonne, down $19.32 per tonne, or 10.4%, from $186.24 per tonne in October.
Narrowing margins depress demand

The primary driver for the weaker demand for the direct-charge raw materials was the narrowing margins steel mills were observing because of lower steel prices, according...

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