US hot-rolled coil (HRC) prices dropped this week on lower sales and offers, amid continued limited spot market activity.

Demand also remains strong in Europe, with end user first-quarter tenders for over 3,000t and suppliers struggling to respond.

And it’s expected for the market to continue to be under pressure in the short term.

It added that it expected 2021 C1 iron ore extraction costs, which typically include only direct costs such as labor, to come to $19 per tonne.

“We expect iron ore prices to find a floor around current levels,” ANZ Research wrote in a note.

A recent report states that the metals sector is set to continue its rebound from the effects of the covid-19 pandemic through 2022.

The domestic ferrosilicon market continued to operate weakly this week.

Insiders believe the price increase of raw materials also contributes to the price fluctuation in the magnesium market.