The world’s second-largest iron ore miner, Brazil’s Vale SA, was temporarily foiled by Brazilian Indians who blocked the railway that gets iron ore from Vale’s Carajas mine to port, Reuters reports.
“Vale did not say how much iron ore had been held up by the protests, which were not directed at the company. The railway, known as EFC, carries close to 100 million tonnes of iron ore a year, or nearly 10 percent of the world’s 1 billion tonnes of seaborne exports…The railway moves a third of Vale’s iron ore output of about 300 million tonnes a year and is being expanded along with Carajas to make up for declining output in Brazil’s central highlands,” according to the report.
The week’s biggest mover on the weekly Raw Steels MMI® was the steel billet cash price, which saw a 12.5 percent increase on the LME to $135.00 per metric ton. This comes on the heels of a 11.1 percent decline the week prior. The 3-month price of steel billet rose 10.0 percent on the LME to $165.00 per metric ton after falling 3.2 percent during the previous week.
Chinese steel prices were mixed for the week. The price of iron ore 58% fines from India hit slightly higher prices this week. Chinese HRC rose 2.9 percent over the past week.
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Following a steady week, prices for Chinese coking coal closed flat. The price of Chinese slab increased by a slight 0.6 percent over the past week.
The US HRC futures contract spot price settled at $635.00 per short ton this week after shifting up 0.5 percent. The US HRC futures contract 3-month price fell 0.3 percent to $617.00 per short ton after rising 0.3 percent the week before. US shredded scrap traded sideways last week.
Korean steel prices were flat for the week, and there was no movement for Korean steel scrap. Prices for Korean pig iron remained constant as well.
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