[Ferro-Alloys.com] The global 1.8bn t/yr seaborne iron ore market is expected to remain in a supply deficit in early 2021, as prices at nine-year highs have yet to bring significant new supply to the market.

A global rebound in steelmaking from the Covid-19 pandemic and China's record steel output have tightened supply across steel feedstock markets. Mainstream 62pc Fe basis iron ore prices rose to nine-year highs above $175/dry metric tonne (dmt) in December. Iron ore, which provides the biggest input for nearly 2bn t of global steelmaking, has pulled prices for steel and other feedstocks up along with it.

Japanese steel products producer Chiyoda Steel has completed a replacement of an electric arc furnace (EAF) at its Ayase plant in Tokyo, targeting to reduce electricity use and associated carbon dioxide (CO2) emissions.

Chiyoda yesterday commissioned the new EAF at Ayase, which produces 480,000 t/yr of steel bars. The company halted the previous EAF in late November last year ahead of the firm's first EAF renewal in 50 years.

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• [Editor:kangmingfei]