Metal Bulletin reviews the major stories that have affected the steel market over the past week.
Raw materialsIron ore prices ended Friday on the rise after experiencing declines early in the week. Metal Bulletin's 62% Fe Iron Ore Index came to $74.39 per tonne cfr Qingdao, amid gains in the futures and steel markets.Trading activity in the seaborne coking coal market remained thin on Friday, with concerns about the weather in Australia and higher domestic coking coal prices in China keeping buyers on tenterhooks.Scrap prices in the major markets have weakened, following the decrease in Turkish import prices. Import prices for containerized heavy melting scrap in Taiwan have fallen again, with exporters coming under more inventory pressure amid increased supply and soft downstream demand for steel products.US mills are wasting no time locking up commitments for ferrous scrap for February shipment, with numerous steelmakers making deals or offering to continue to...