Seaborne iron ore prices rose on Friday November 20 due to a rise in steel product prices, sources told Fastmarkets.
*** Seaborne iron ore , Fastmarkets iron ore indices
۶۲% Fe fines, cfr Qingdao: $128.83 per tonne, up $0.94 per tonne
۶۲% Fe low-alumina fines, cfr Qingdao: $129.29 per tonne, up $0.93 per tonne
۵۸% Fe fines high-grade premium, cfr Qingdao: $118.69 per tonne, up $0.99 per tonne
۶۵% Fe Brazil-origin fines, cfr Qingdao: $140.50 per tonne, up $0.80 per tonne
۶۲% Fe fines, fot Qingdao: 909 yuan per wet metric tonne (implied 62% Fe China Port Price: $128.02 per dry tonne), unchanged
*** Seaborne iron ore , Key drivers
The most-traded January contract in the Chinese iron ore futures market on the Dalian Commodity Exchange (DCE) went up by around 1.3% from the closing price on Friday.
The most-liquid December 62% Fe swap contract on the Singapore Exchange (SGX) gained around $1.50 per tonne from the opening price, as of 6:20pm Singapore time.
Steel product prices have been on an uptrend over the week with both the steel reinforcing bar (rebar) and hot-rolled coil prices making strong gains because of low inventory and strong demand, sources said.
The strong gains in steel product prices also led respective futures prices up on the Shanghai Futures Exchange (SHFE) and, in turn, also lent support to iron ore futures on the DCE, a Shanghai-based analyst said.
Some traders, however, feel that prices for iron ore should have peaked and there was limited positive news to boost sentiment because of the impending winter, which will hit China very soon and the market might make a price correction.
*** Quote of the day
“Iron ore futures prices keep going up this week, supported by rising steel futures. Besides, the increment for port inventories in the month is [said to be] moderate so sources’ expectations for iron ore demand also recovered on strong demand in steel [products],” a buyer source in Beijing said.
*** Trades/offers/bids heard in the market
BHP, Globalore, 80,000 tonnes of 62% Fe Mining Area C fines, traded at $126 per tonne cfr China, laycan December 16-25.
Beijing Iron Ore Trading Center (Corex), 90,000 tonnes of 60.8% Fe Mining Area C fines, traded at the December average of two 62% Fe indices plus a premium of $0.50 per tonne, laycan December 26-January 4.
Rio Tinto, Corex, 170,000 tonnes of 62% Fe Pilbara Blend fines, offered at the December average of a 62% Fe index plus a premium of $3.50 per tonne, laycan December 6-15.
*** Port prices
Pilbara Blend fines were traded at 888-920 yuan per wmt in Shandong province and Tangshan city on Friday, compared with 890-900 yuan per wmt on Thursday.
The latest range is equivalent to about $125-130 per tonne in the seaborne market.
*** Dalian Commodity Exchange
The most-traded January iron ore futures contract closed at 887.50 yuan ($135) per tonne on Friday, up by 11 yuan per tonne from Thursday’s close.
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