Key drivers
China’s ferrous futures – with the exception of the coke contract tanked across the board by 1.2-4.4% in comparison with the previous day’s settlement during the day.
The weathervane billet price in Tangshan also fell 50 yuan ($7.50) per tonne late in the afternoon.
In addition to these, iron ore swaps prices also retreated by about $2 per tonne, which led participants to peg a similar decline in the physical seaborne market.
Mills were heard to be less willing to restock on iron ore at Chinese ports despite sellers lowering their offers by the equivalent of about $1-2 per tonne.
However, enquiries for seaborne cargoes were said to be “not bad”, with interest still concentrated on higher-grade fnes, as well as joint shipments of fnes and lumps.
Capesize shipments of Pilbara Blend fnes with laycan set for early September were heard offered at the September average of a 62% Fe index plus a premium of $2 per tonne.
Joint shipments of Pilbara Blend fnes and lumps with similar laycan dates were offered against indices plus premiums of around $1.60 per tonne, according to a trader in east China. He added that he was prepared to pay a premium of $1 per tonne for such cargoes against an index.
Quote of the day
“Seaborne cargoes are more cost-effective than port materials at the moment, especially for mills looking to secure supply to arrive before the end of September for consumption during the weeklong National
Day holiday in early October,” a mill source in north China told Metal Bulletin.
Trades Vale traded on Global Ore 170,000 tonnes of 62% Fe Brazilian Blend fnes, laycan September 20-29, at the November average of Platts’ 62% Fe index plus a premium of $1.20 per tonne.
An identical shipment, laycan September 22-October 1, changed hands on the same platform at the October average of Metal Bulletin’s and Mysteel’s 62% Fe indices plus a premium of $1.25 per tonne.
The Beijing Iron Ore Trading Center reported a deal involving 190,000 tonnes of 62% Fe Pilbara Blend fnes set to arrive in the frst half of October, at the September average of Platts’ 62% Fe index plus a premium of $0.50 per tonne.
Rio Tinto was heard to have sold on Tuesday 170,000 tonnes of Pilbara Blend fnes, laycan September 5-14, against a 62% Fe index plus a premium of $2 per tonne via a private tender.
A joint shipment of Pilbara Blend fnes and lumps to be loaded in late September reportedly changed hands against a 62% Fe index plus an overall premium of $0.50 per tonne on the Mysteel platform.
A September-arrival half-Capesize shipment of Newman lumps was said to be sold at the September average of a 62% Fe index plus its lump premium, and an additional premium of $1.40 per tonne on the same platform.
The Esteel trading platform reported a transaction involving for 80,000 tonnes of 56.7% Fe Super Special fnes, laycan August 22-31, that was concluded at $48 per tonne cfr China.
Port prices
Pilbara Blend fnes were heard traded at 588-595 yuan per wet metric tonne in Shandong province and the Tangshan region during the day, compared with 610 yuan per wmt a day earlier.
The latest price is equivalent to about $77.60-78.60 per tonne cfr China in the seaborne market.
Dalian Commodity Exchange afternoon close
The most-traded January iron ore futures contract closed at 578.50 yuan ($87) per tonne, down 27.50 yuan ($4.10) per tonne from Tuesday’s closing price.
Source: Metal bulletin
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