Iron ore prices increased further in both the futures and seaborne markets on Wednesday November 11, sources told Fastmarkets, on support from decreasing steel inventories but physical prices at ports remained stable.
*** Iron ore , Fastmarkets iron ore indices
۶۲% Fe fines, cfr Qingdao: $124.56 per tonne, up $2.29 per tonne
۶۲% Fe low-alumina fines, cfr Qingdao: $125.00 per tonne, up $2.26 per tonne
۵۸% Fe fines high-grade premium, cfr Qingdao: $115.41 per tonne, up $1.90 per tonne
۶۵% Fe Brazil-origin fines, cfr Qingdao: $136.00 per tonne, up $1.40 per tonne
۶۲% Fe fines, fot Qingdao: 895 yuan per wet metric tonne (implied 62% Fe China Port Price: $125.28 per dry tonne), up by 2 yuan per wmt
*** Iron ore , Key drivers
The most-traded January iron ore futures contract on the Dalian Commodity Exchange (DCE) maintained a steady uptrend in the morning session and fluctuated with larger volatility in the afternoon when it hit an intra-day high of 844 yuan ($128) per tonne before it declined but still ended the day with an increase of 1.5% compared with Tuesday’s closing price of 825.50 yuan per tonne.
Meanwhile, iron ore swap contracts on the Singapore Exchange (SGX) went up as well. By 6:03pm Singapore time, the most-traded December contract had registered an increase of $2.03 per tonne compared with Tuesday’s settlement price of $119.12 per tonne.
Sources said steel inventory continued decreasing week on week, implying that demand for steel still persisted, which supported the short-term positive sentiment in iron ore prices.
One buyer source in southern China said steel inventory decreased by over 1 million tonnes from a week earlier and that such a decrease supported recent positive market expectations for steel demand, which indirectly contributed to the rise in iron ore prices.
A trading source in southern China said the physical trading in steel had weakened compared with previous days and as a result, steel futures were limited in their ability to rise further so iron ore prices were unlikely to increase despite the surge in recent days.
*** Quote of the day
“Seaborne prices are chasing the increment in the futures market but prices at ports in China remain stable due to the high iron ore inventory. As a result, this round of increases in the futures and seaborne market will not last long,” a trading source in Shanghai said.
*** Iron ore , Trades/offers/bids heard in the market
Beijing Iron Ore Trading Center, 80,000 tonnes of 60.5% Fe Jimblebar Blend fines, traded at the December average of two 62% Fe indices plus a discount of $1.40 per tonne, laycan December 13-22.
Vale, Globalore, 170,000 tonnes of 62% Brazilian Blend fines, traded at $125 per tonne cfr China, laycan December 6-15.
Globalore, 100,000 tonnes of 58% Yandi fines, traded at the December average of two 62% Fe indices plus a premium of $1.60 per tonne, laycan December 6-15.
Globalore, 170,000 tonnes of 62% Pilbara Blend fines, offered at $124.65 per tonne cfr China, laycan December 2-11 (bid made at $123.60 per tonne cfr).
Globalore, 170,000 tonnes of 62% Pilbara Blend fines, also offered at the December average of a 62% Fe index plus a premium of $3.50 per tonne, laycan December 2-11 (bid made at the December average of a 62% Fe index plus a premium of $2.60 per tonne).
Vale, tender, 85,000 tonnes of 63.11% Fe Lump Ore Blast Furnace Carajas, bill of lading dated October 25.
*** Iron ore , Port prices
Pilbara Blend fines were traded at 870-888 yuan per wmt in Qingdao, Tangshan, Tianjin and Lianyungang city on Wednesday, compared with 870-885 yuan per wmt on Tuesday.
The latest range is equivalent to about $122-124 per tonne in the seaborne market.
*** Dalian Commodity Exchange
The most-traded January iron ore futures contract closed at 838 yuan ($127) per tonne on Wednesday, up by 12.50 yuan per tonne from Tuesday’s close.
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