In raw materials, the downtrend was across the board. The Fe62% iron ore fines, CFR China, dropped $9/t or 7% to $126/t ($135/t), while the premium HCC coking coal from Australia, CFR India, fell 4% or $15/t to $332/t ($347/t). HMS 80:20 scrap, CFR Turkiye, dipped slightly by around 2% to $414/t ($421/t) in the month under review. Winter’s seasonal slowdown has marked most markets across the world while recession in many countries has added to the woes. Two wars and disruptions in the Red Sea are adding to logistic costs and this could lead to concentration on local markets. On the positive side, inflation seems to be going down in the US and the EU. If central banks start reducing interest rates, it may give a serious boost to economies once again.
