India’s Fe 57% export index fell from $81/tonne (t) FoB east coast India in February to $63/t in March and further to $61/t in April. The steady decline in prices can be attributed to slack demand from China, where steel production and consumption have likely hit a peak. And, global pressures are mounting on the country to decarbonise its most polluting industries, which include steel. Flooding in southern China also suppressed consumption, causing iron ore to soften. Seaborne shipments demand declined as buyers had completed their restocking ahead of the Labour Day holidays starting 28 April.
