Spot iron ore stayed above $65/mt



KATM Exclusive

Spot iron ore prices stayed above $65/dmt mark, depicting the strongest gains in the week since December 2017, primarily on the anticipation that the demand will rise in the wake of restocking by the Chinese steel mills.

Sea-borne trade was more or less range-bound with early gains, most of which were wiped out towards the end of week as the prices declined. This correction in prices was in order as the demand for iron ore has weakened considerably.

Looking at the benchmark iron ore prices, Platts assessed the 62% Fe IODEX & TSI Iron Ore Fines at $66.85/dmt CFR North China on Friday. Meanwhile, TSI 58% Fe Fines, 1.5% Al, CFR Qingdao port closed the week at $54.55/dmt.

Futures Market

Iron ore futures traded on the Dalian Commodity Exchange were mixed Friday, with the most liquid September contract last trading at Yuan 461/dmt ($73.29/dmt), down Yuan 14/dmt on the day, and settling at Yuan 467/dmt, up Yuan 1.5/dmt over the same period.

Steel rebar futures tumbled, with the most actively traded October contract in Shanghai Futures Exchange last traded at Yuan 3,454/mt ($549.15/mt), down Yuan 62/mt on the day, and last settled at Yuan 3,475/mt, down Yuan 18/mt over the same period.