Great Lakes Iron Ore Shipping Decreased 43% in March Due to Ice

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Iron ore shipping was significantly curtailed due to ice formations across the Great Lakes in March. Iron ore shipments in March were limited to 1.1 million tons, according to the Lake Carriers’ Association based in Cleveland. That was a decrease of 43 percent compared to last year. Shipments from US side of Great Lakes ports fell even more, 52 percent.

On Tuesday, April 22, the day’s biggest mover was the US HRC futures contract 3-month price, which saw a 0.2 percent decline to $654.00 per short ton. The spot price of the US HRC futures contract held steady around $656.00 per short ton.

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Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.84) and a low price of CNY 830.00 ($133.23) per dry metric ton. Chinese HRC held its value on Tuesday at CNY 3,450 ($553.79) per metric ton. The price of Chinese coking coal saw essentially no change for the fifth day in a row, remaining around CNY 1,390 ($223.12) per metric ton.

The steel billet cash price was unchanged on the LME at $390.00 per metric ton. The steel billet 3-month price remained essentially flat at $400.00 per metric ton on the LME.

 

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