Category: Iron Ore

Iron ore prices jumped on the first day of trading since the Lunar New Year in China, reaching their highest level since September 2011. According to Fastmarkets MB, benchmark fines of 62% Fe imported into northern China (CFR Qingdao) changed hands to $ 175.05 a tonne, up nearly 4.9% from Wednesday’s trade and by 9% since the beginning of the year. Brazil’s daily 65% ​​Fe iron ore index rose 4.2% to a record $ 198 a tonne. In China, labor force participation rates did not slow down as much as… Read More Here

Iron ore prices bounced on Wednesday after analysts at Credit Suisse and Morgan Stanley offered bullish forecasts for the steelmaking raw material. According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China (CFR Qingdao) were changing hands for $152.65 a tonne, up nearly 2% from Tuesday’s trade. Iron ore reached its highest level since September 2011 in mid-January, but has since declined 12% on expectations of normalizing supply from Vale, the world’s top producer, and a cooldown in record-setting demand from China. Credit Suisse, in a note quoted… Read More Here

Iron ore prices climbed back up to near decade highs on Thursday after customs data showed record-breaking imports by 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 $172.36 a tonne, up 1.3% on the day. The steelmaking raw material has already enjoyed 7%-plus gains in 2021 after an 80% rise last year and is now trading at levels last seen in September 2011. The benchmark hit an all-time… Read More Here

Iron ore prices started the new year with a bang on Monday as unprecedented demand from China counteracted government calls for sharp cuts in the country’s steel output. According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China (CFR Qingdao) were changing hands for $165.29 a tonne on Monday, up 3% on the day.  In December, the steelmaking raw material hit its highest level since September 2011 after gaining nearly 80% during the year. “Impact from the pandemic (on iron ore) was not as pessimistic as the market expected,”… Read More Here

Benchmark iron ore futures in China dropped almost 6% on Wednesday after the country urged the steel industry to produce less crude steel next year amid the government’s carbon neutrality plan. Iron ore prices have more than doubled in 2020, putting the steelmaking raw material on track to be the top-performing major commodity globally for a second straight year as speculative money floods in and Chinese demand holds firm. But the Ministry of Industry and Information Technology called on the steel sector to “resolutely” cut crude steel output and ensure an annual drop… Read More Here

Prices for iron ore have more than doubled in 2020, putting the steelmaking raw material on track to be the top-performing major commodity globally for a second straight year as speculative money floods in and Chinese demand holds firm. Steelmakers in China, the world’s biggest producer of the metal, and the operator of its flagship iron ore futures contract have called for a probe into what they say is an “abnormal” price rally that has eroded their margins. The most active iron ore futures on the Dalian Commodity Exchange have… Read More Here