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Firmer raw material prices in April give support to some finished steel markets

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Watch: Firmer raw material prices in April give support to some finished steel markets

Mark Wiggett, editor for Platts Global Market Outlook, assesses key developments in the global steel and raw material markets. Iron ore prices enjoyed a dramatic rebound, rising to around $60/dmt in late April, having hit all-time lows earlier in the month, and continued to rise into May. Scrap prices rose steadily in Turkey, while holding firm in the US. US flats prices turned around, rising at the end of April, although Asian levels fell during the month. Meanwhile, US longs prices dropped and Asian levels remained stable, while European rebar rose in April, remaining firm into early May.