Metal Bulletin reviews the major stories that have affected the steel market over the past week.
Iron ore prices ended the week above the $65-per-tonne mark, with most market participants staying away on Friday April 27 to cut their risk ahead of a four-day trading break in China due to a public holiday over the first two days of next week.Meanwhile, India's largest iron ore miner, NMDC, lowered its domestic prices in line with softening overseas prices.Trading activity in the seaborne coking coal market remained robust on Friday, with traders procuring several cargoes ahead of the long weekend in China. Expectations have increased for China's coke prices to bounce up, although some export deals were reported at lower levels.Global ferrous scrap prices were mostly going down due to thinner trading and weaker demand. A public holiday in Turkey reduced the demand for bulk cargoes, while a slight pickup in daily prices toward the end of the week did not boost week-on-week price changes.Even though a lack...