This morning in metals news, the Republic of Congo made its first export of iron ore, Korean steelmaker POSCO says elevated iron ore prices will put a damper on steel margins this year and global aluminum production in March hit 5.4 million metric tons.
Republic of Congo Makes First Iron Ore Export
The Republic of Congo last week made its first shipment of iron ore, S&P Global Platts reported.
The shipment of 22,000 metric tons of iron ore is headed for a Chinese steel mill, according to the report.
Rising Iron Ore Prices to Impact Steel Margins
The price of the steelmaking material iron ore has received several supply-side boosts of late, particularly related to events in Brazil at Vale’s operations and from recent tropical cyclones in Australia.
As such, Korean steelmaker POSCO expects elevated iron ore and coking coal prices to hamper steel margins this year, the Australian Financial Review reported. According to the report, POSCO expects iron ore to trade between $82-$87 per ton for the remainder of the financial year.
March Aluminum Production
The International Aluminum Institute released monthly aluminum production figures Tuesday, showing global production in March hit 5.4 million metric tons.
The March total marked an increase from the 4.9 million metric tons in January, but was down on a daily average basis.
Production in China hit 3.1 million metric tons, up from 2.8 million metric tons in February.