Schnitzer sees iron ore prices rallying

Jun 27, 2014 | 04:32 PM | Sean Davidson

Tags  scrap, steel, iron ore, prices, Schnitzer Steel Industries Inc., quarterly results, Tamara Lundgren, steel demand scrap demand

NEW YORK — Iron ore prices are more likely to recover in the coming months since a tighter supply of scrap has left very little room for iron ore tags to trend lower, according to Schnitzer Steel Industries Inc.’s top executive.

Any market push to restore more traditional price spreads between iron ore and scrap would result in iron ore prices climbing higher and not scrap prices drifting lower, chief executive officer Tamara Lundgren said during the Portland, Ore.-based company’s earnings call June 26.

Some market participants have forecast that iron ore prices at around $96 per tonne for 62-percent iron c.f.r. Qingdao, China, will drive scrap prices lower, as steel makers push to restore historical spreads between iron ore and scrap prices.....

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