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    IRON ORE DAILY: Prices edge upward despite limited liquidity

    شناسه : 49523 26 خرداد 1400 - 16:30

    Seaborne iron ore prices mostly edged upward on Tuesday June 15 despite limited liquidity and the downtrend in the financial markets.

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    Seaborne iron ore prices mostly edged upward on Tuesday June 15 despite limited liquidity and the downtrend in the financial markets.Fastmarkets iron ore indices
    ۶۲% Fe fines, cfr Qingdao: $۲۲۱٫۸۷ per tonne, up by $1.10 per tonne
    ۶۲% Fe low-alumina fines, cfr Qingdao: $۲۲۳٫۰۹ per tonne, up by $1.47 per tonne
    ۵۸% Fe fines high-grade premium, cfr Qingdao: $۱۹۴٫۶۰ per tonne, down by $0.62 per tonne
    ۶۵% Fe Brazil-origin fines, cfr Qingdao: $۲۵۰٫۸۰ per tonne, up by $1.60 per tonne
    ۶۲% Fe fines, fot Qingdao: ۱,۵۱۵ yuan per wet metric tonne (implied 62% Fe China Port Price: $۲۲۲٫۱۹ per dry tonne), up by 13 yuan per wmt


    Key drivers***


    The most-traded September iron ore futures contract on the Dalian Commodity Exchange (DCE) decreased in the morning and recovered in the afternoon before ending down by 1.7% from last Friday’s closing price of 1,247 yuan ($195) per tonne.
    The most-traded June iron ore forward-month swap contract on the Singapore Exchange (SGX) also decreased. By 6:33pm Singapore time, it showed a fall of $1.57 per tonne from Monday’s settlement price of $212.07 per tonne, closing at $210.50 per tonne on Tuesday.
    The liquidity of the market has been relatively low recently, because traders were reluctant to take risks and steel mills were purchasing on demand, a trading source in Beijing said.
    “Iron ore demand at Chinese ports and in the seaborne market after the public holiday in China [on Monday] is largely flat compared with last week,” a trading source in Singapore said. “As a result, prices were stable. Besides, some Chinese steel mills could take a production cut in summer and demand for steel could weaken due to the rainy season, so steel prices could fluctuate in a small range in the short term, as well as iron ore prices.”
    Another trading source in Shandong province said that traders were unwilling to lower their offer prices and steel mills were only buying iron ore when they needed it.
    “The accident at a Shanxi iron ore mine last week caused several mines in the province to halt operations,” a north China buyer source said. “However, supply was unlikely to be disrupted because most steel mills were heard to have sufficient stocks for now. Market sentiment was more likely to be depressed by weaker demand for steel products.”
    A July-laycan cargo of 62% Fe Pilbara blend fines was traded at the July average of a 62% Fe index plus a premium of $10.10 per tonne on Globalore on Tuesday. Several steel mill sources were surprised at the premium, deeming it high.
    A steel mill source in east China heard that the premium for Pilbara blend fines in the secondary market was around $7 per tonne. A trading source in Shanghai said it might be that some traders had to buy seaborne cargoes of Pilbara blend fines because they had sold them previously


    Quote of the day***


    “Due to the high premium for mid-grade fines, several steel mills have increased their usage of low-grade fines recently,” a steel mill source in east China said.
    Trades/offers/bids heard in the market
    Beijing Iron Ore Trading Center (Corex), joint cargo, 80,000 tonnes of 60.8% Fe Mining Area C fines, traded at the July average of a 62% Fe index plus a premium of $1.80 per tonne; and 110,000 tonnes of 60.5% Fe Jimblebar Blend fines, traded at the July average of a 62% Fe index plus a premium of $0.20 per tonne, laycan July 24-30.
    Corex, 72,959 tonnes of 54% Fe Sinter fines, traded at the average of a 62% Fe index for the month of the notice of readiness (NOR) at the port of discharge, adjusted for Fe content, plus a discount of $27.50 per tonne, bill of lading dated June 7.
    Corex, another 72,959 tonnes of 54% Fe Sinter fines, traded at the average of a 62% Fe index for the month of the NOR at the port of discharge, adjusted for Fe content, plus a discount of $27.50 per tonne, bill of lading dated June 7.
    Rio Tinto, Globalore, 170,000 tonnes of 62% Fe Pilbara Blend fines, traded at the July average of a 62% Fe index plus a premium of $10.10 per tonne, laycan July 8-17.
    Vale. Globalore, 170,000 tonnes of 62% Fe Brazilian Blend fines, offered at $223.50 per tonne cfr China, laycan July 8-17.
    BHP, Globalore, 80,000 tonnes of 62% Fe Jimblebar fines, offered at the July average of two 62% Fe indices plus a premium of $0.40 per tonne, laycan July 1-10.
    Corex, 90,000 tonnes of 57% Fe Yandi fines, offered at the July average of two 62% Fe indices plus a discount of $4.80 per tonne, laycan July 1-10.
    BHP, tender, 100,000 tonnes of 60.8% Fe Mining Area C fines, laycan June 25-July 4.
    BHP, tender, 80,000 tonnes of 60.8% Fe Mining Area C fines, laycan June 25-July 4.
    Vale, tender, 70,000 tonnes of 60.45% Fe Lump Ore Non-Screened Guaiba, bill of lading dated June 5.
    Market participants’ indications for:
    Fastmarkets index for iron ore 62% Fe fines
    Pilbara Blend fines: $218.50-222.00 per tonne cfr China
    Brazilian Blend fines: $221.00-225.10 per tonne cfr China
    Newman fines: $218.50-221.90 per tonne cfr China
    Mac fines: $213.10-214.20 per tonne cfr China
    Jimblebar fines: $209.10-211.70 per tonne cfr China
    Fastmarkets index for iron ore 65% Fe Brazil-origin fines
    Iron Ore Carajas: $249.00-252.50 per tonne cfr China.
    Port prices
    Pilbara Blend fines were traded at 1,495-1,500 yuan per wmt in Shandong province, Tangshan, Tianjin and Lianyungang city on Tuesday, compared with 1,488-1,510 yuan per wmt last Friday.
    The latest range was equivalent to about $219-220 per tonne in the seaborne market.
    Dalian Commodity Exchange
    The most-traded September iron ore futures contract closed at 1,225.50 yuan ($191) per tonne on Tuesday, down by 21.50 yuan per tonne from last Friday’s close price of 1,247.00 yuan per tonne.

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