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Iron ore prices to hold steady until year-end: Severstal

Keywords: Tags  Severstal, steel, iron ore, iron ore prices, Alexey Kulichenko, Nadia Popova

MOSCOW — Russian steelmaker OAO Severstal expects prices for iron ore with 62-percent metal content to average $130 per tonne c.f.r. China until year-end.

"We do not expect any big reduction in price until the year’s end," chief financial officer Alexey Kulichenko said Aug. 29.

However, Severstal expects a "continuous softening" in iron ore prices over the next two to three years as new global capacities are added, Kulichenko said.

The company expects the price for 62-percent iron ore to stand at $100 to $110 per tonne c.f.r. China over that period.

AMM sister publication Metal Bulletin’s 62-percent metal content iron ore index stood at $142.19 per tonne c.f.r. Qingdao, China, Aug. 28.

A version of this article was first published in AMM sister publication Steel First.

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