Rising raw material prices may continue to support steel prices

From the perspective of steel raw materials, the prices of iron ore and coke have continued to rise in recent times, and the gradual increase in the cost of steel mills will also push up subsequent steel prices.

On November 12, the coke futures price was reported at 2391.5 yuan/ton, which has been rising for one consecutive month. Compared with the low at the beginning of September this year, it has risen by nearly 30%, which is close to the high level in the past two years; the iron ore futures price is at 835 yuan/ton, still maintained operation at a higher position in the past two years. At the same time, the latest price of Platts 62% grade iron ore was $124.9/ton, a year-on-year increase of more than 60%.

According to industry insiders, the global demand for iron ore has recovered very well, and the demand for iron ore in Japan, South Korea, India and Europe in the Asia-Pacific region is recovering rapidly. Therefore, the trend of tight balance may continue, and it is difficult for iron ore prices to drop rapidly as they enter the traditional off-season. Rising raw material prices and rising costs may continue to support the rise in steel prices.

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