Category: Iron Ore

The price of iron ore jumped nearly 4% on Friday as Chinese factories grapple with supply shortages due to covid-related disruptions. Benchmark 62% Fe fines imported into North China changed hands for $150.75 a tonne during morning trading, according to Fastmarkets MB, up 3.5% from Thursday’s close. . The most traded iron ore futures on the Dalian Commodity Exchange, for delivery in May, rose 3.9% to 858 yuan ($134.82) a ton. They ended at 856 yuan a ton, sending weekly gains to 2.7%. Producers in the main steel city of Tangshan… Read More Here

BHP, the world’s biggest mining company, has warned investors of an increasingly troubling outlook for its iron ore business due to the proposed easing of border restrictions in Western Australia (WA). In an operational review, BHP said that the planned reopening of WA’s borders on 5 February was likely to “introduce some short-term disruption to the operating environment as the Covid-19 pandemic evolves in the state”. BHP joined rival mining giant Rio Tinto in warning of further disruptions from Covid-19, including labour shortages, and said that the impact of the… Read More Here

Iron ore rose on Friday as traders returned from the New Year holidays feeling optimistic about potential demand recovery in China. According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $128.03 a tonne during morning trading, up 0.3% compared to Thursday’s closing, the highest since October 12. Iron ore’s most-active May contract on China’s Dalian Commodity Exchange ended daytime trading 1.4% higher at 719 yuan ($112.78) a tonne, rising for a fourth straight session and touching 725.50 yuan earlier in the day. “The… Read More Here

The iron ore price recovered some ground on Wednesday after it fell below $100 per tonne for the first time in nearly a year on Tuesday due to loose supply conditions and poor demand outlook. According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $100.10 a tonne, up 4.5% from Tuesday’s closing. Benchmark iron ore futures on the Dalian exchange dipped 0.4% to 590 yuan ($92.18) a tonne.  Metals prices reached multi-year highs on supply fears in October, but the main driver now is arguably turbulence in… Read More Here

Iron ore prices retreated again on Monday on rising supply and steel output control in China. According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $136.71 a tonne, down 2.8% from Friday’s closing. Supply from Australia has been steady as the impact of earlier weather-related disruptions faded, while Brazil’s shipments are starting to trend higher as the country’s output recovers from the effects of the coronavirus pandemic. Meanwhile, it seems clear that China’s instruction that steel production for 2021 shouldn’t exceed the record 1.065 billion tonnes from… Read More Here

Iron ore prices rose again on Tuesday following the steel price increase. The most-traded September iron ore futures contract on the Dalian Commodity Exchange (DCE) dropped in the morning but gained in the afternoon before closing up by 0.5% from Monday’s close of 1,225 yuan ($189) per tonne. According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $222.36 a tonne on Tuesday, up 0.3% from Monday’s closing. The August contract for stainless steel on the Shanghai bourse was up 2.2% at 16,880 yuan… Read More Here

Iron ore prices fell on Monday as China’s subdued trade data for May and narrowing profit margins for the country’s steelmakers – responsible for more than half the globe’s output – dampened market enthusiasm. China imported 89.8 million tonnes of iron ore last month, substantially lower than the 98.6 million tonnes it bought in April and 102.1 million tonnes in March. “The proportion of iron ore shipped to China from Australia fell a lot recently, and we can see the decline to continue in coming months,” said Wang Yingwu, analyst… Read More Here