Ver: Iron ore sinks below $50/dmt in early April as steel markets weaken further in Q2

Mark Wiggett, editor for Platts Global Market Outlook, assesses key developments in the global steel and raw material markets. Iron ore fell below $50/mt in early April, with oversupply remaining a concern. US HRC plummeted in March and early April as the market reacted to slow demand and over-capacity, with Asian flats prices also dropping during this period. Scrap export prices into Turkey and other markets in Asia continued their upwards movements. Meanwhile, US rebar prices were cut in March and producers saw prices drop again in early April due to cheaper imports and lower scrap levels, while European longs prices slowly rose early April as the construction season began.