Spot iron ore prices hold steady for the week

6th Aug 2018

Sea-borne iron ore prices stayed over $67/dmt mark for 62% Fe as the interest in port cargoes remained strong as steel mills continued to restock and sentiments were also supported by gains in paper markets, after China’s plan for production curbs in the coming winter was released.

Looking at the benchmark for seaborne spot iron ore prices, Platts assessed the 62% Fe IODEX & TSI Iron Ore Fines at $67.45/dmt CFR North China on Friday. Meanwhile, TSI 58% Fe Fines, 1.5% Al, CFR Qingdao port closed the week at $57.45/dmt.

Futures Market

Moving onto the futures, iron ore contracts traded on the Dalian Commodity Exchange also climbed up on Friday, with the most liquid September contract last trading at Yuan 484.50/dmt ($70.91/dmt), up Yuan 8.50/dmt day on day, and settling at Yuan 481/dmt, up Yuan 7.50/dmt over the same period.

Steel rebar futures also saw hikes on Friday, with the most actively traded October contract in Shanghai Futures Exchange last traded at Yuan 4,187/mt ($612.83/mt), up Yuan 51/mt day on day, and last settled at Yuan 4,168/mt, up Yuan 47/mt over the same period.