Category: Iron Ore

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

Iron ore price tumbled on Wednesday after the Shanghai Futures Exchange vowed to look into “abnormal transactions”, piling on the government’s earlier attempts to temper commodity inflation through warnings. Iron ore price on the Dalian Commodity Exchange dropped 6.1% to 994.50 ($155.59) yuan a tonne, just above the day’s low of 992 yuan ($155.20), its weakest since April 12. Shanghai construction steel rebar ended daytime trading 6% lower at 4,667 yuan ($729.79) a tonne, after earlier touching 4,661 yuan, its lowest since March 24. Trading began with markets already under pressure… Read More Here

Iron ore prices rose on Tuesday, boosted by strong Chinese demand. According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China (CFR Qingdao) were changing hands for $170.90 a tonne, up 1.43% from the previous trade. China’s steel prices also jumped to record highs, on concerns over supply curbs in the world’s biggest producer and exporter of construction and manufacturing material. Construction steel rebar’s May contract on the Shanghai Futures Exchange ended the daytime trading session 2.1% higher at 5,180 yuan ($791) a tonne, after earlier climbing to… Read More Here

Global iron ore production growth will accelerate in the coming years, bringing an end to the stagnation that has persisted since iron ore prices hit a decade-low average of $55 per tonne in 2015, market analyst Fitch Solutions predicts in its latest industry report. Fitch forecasts global mine output growth to average 2.4% over 2021-2025 compared to the negative 2% over the previous five years. This would lift annual production by 378 million tonnes in 2025 compared to 2020 levels, roughly the equivalent of India and Russia’s combined 2020 output, Fitch says. Brazil Brazil’s iron… Read More Here