Iron ore and coking coal gained the most over the previous week. Meanwhile, steel prices, week over week gained at the Shanghai Futures Exchange. A gradual pickup in Chinese infrastructure demand and the Russia-Ukraine war offered price support.
Russia and Ukraine are among the largest exporters of steel. A disruption in this supply chain saw buyers looking at other options.
One of those options? China’s, the world’s top steel producer.
Russian steel production reached an estimated 6.6 million tons in January, the World Steel Association reported.
Last week also saw prices of ferrous products going up while iron ore and coal futures, too, saw an upward trend. Both futures as well as spot prices of hot-rolled coil (HRC) saw growth.