Iron prices today, Saturday, January 29, 2022

Iron prices today, Saturday, January 29, 2022
Iron prices today, Saturday, January 29, 2022

Iron ore stabilized on global stock exchanges today, Saturday, January 29, 2022, as it ended its weekly trading on Friday, recording $135.50 per ton, while industrial metal prices declined at the end of the week’s sessions.

Iron and industrial metals prices

Iron prices stabilized today, Saturday, January 29, as it ended its weekly dealings in the global markets at the level of 135.5 dollars per ton, while industrial metals prices declined, as aluminum prices fell by -39.50 by -1.27%, recording 3,059.00 dollars, and copper prices fell by -0.0938 by – 2.12%, to record $4.3297, and nickel contracts fell by -20.2, by -1.17%, to record $1,713.0.

Crude steel production declines

The World Steel Association announced a decline in global crude steel production in December of last year by 3% year on year to 158.7 million tons.

Global crude steel production totaled 1.91 billion tons in 2021, an increase of 3.6% year-on-year.

In December, Asia’s crude steel production was 116.1 million tons, down 4.4%, with China’s production 86.2 million tons, down 6.8%, Japan’s production 7.9 million tons, an increase of 5.4%, and India’s production 10.4 million tons, an increase of 0.9%, and 6.0 million tons of South Korea’s production, up -1.1 percent with all year-on-year comparisons.

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Iron production in the European Union

European Union countries produced 11.1 million tons of crude steel in December, down 1.4% year on year. Germany’s production was 3.1 million tons, up 0.1% year on year.. Turkey produced 3.3 million tons of crude steel in December, down 2.3% compared to the same month a year earlier. The CIS recorded crude steel production of 8.9 million tons, down 3% year-on-year, with Russia’s production estimated at 6.6 million tons, unchanged year-on-year.

In North America, crude steel production totaled 9.7 million tons, up 7.5%, with the United States producing 7.2 million tons, up 11.9%, year on year.

Crude steel production in South America in December was 3.5 million tons, down 8.7% compared to the same month a year earlier, with Brazil’s total production reaching 2.6 million tons, down 11.4% year on year.

Iron production in Africa and the Middle East

Africa produced 1.2 million tons of crude steel, down 9.6% year on year. In the Middle East, total crude steel production was 3.9 million tons, up 22.1 percent, with Iran’s production estimated at 2.8 million tons, up 15.1 percent, year on year.

It is worth noting that iron prices have risen since the beginning of the year due to the cost of sea freight, which has witnessed a significant jump since the beginning of this year 2022, as a result of a disruption in supply chains as a result of the shortage of containers globally compared to the volume of demand.

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