Category: Iron Ore

Iron ore prices fell back on Tuesday after data showed five straight weeks of lower production by Chinese steel mills, which forge more crude steel than the rest of the world combined. According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China (CFR Qingdao) were changing hands for $165.07 a tonne, down 2.4% for its third day of losses in a row.  The steelmaking raw material hit its highest level since September 2011 earlier in January. Reuters reports capacity utilisation rates at 163 blast furnaces across China fell for… Read More Here

Iron ore prices continued to climb on Monday as data revealed record-breaking steel production numbers in China, which forges more steel than the rest of the world combined. According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China (CFR Qingdao) were changing hands for $174.07 per tonne, setting a new near-decade high. Year-to-date, the steelmaking raw material has enjoyed 8.5% gains after an 80% rise last year. The benchmark hit an all-time high of $191.70 in February 2011. The high-grade Brazilian index (65% Fe fines) also advanced to… Read More Here

South Africa’s Northern Cape is considered a “fantastic mineral region” and African Rainbow Minerals ferrous division CE Andre Joubert believes iron-ore, besides other commodities, is likely to benefit following the Covid-19 pandemic. Crude steel is a major driver for iron-ore production, he says, noting that China’s crude steel production grew by 3.7% year-on-year from January through to August, whereas steel production in Europe and North America declined by almost 19% over the same period. Bolstering China’s demand for the commodity is the fact that, unlike other countries who took the socioeconomic route,… Read More Here