Iron ore price for Fe 62% fines has decreased yesterday. Benchmark iron ore fines (Fe 62%) index was assessed at USD 64.25/MT CFR, China as on 19th June’18 down by 3% against USD 66/MT a week ago, less by USD 1.75/MT W-o-W basis.
Iron ore futures came down sharply in China resulting in a decline of seaborne iron ore prices. Most of the traders and steel mills are reluctant to buy seaborne cargo at this point of time. Volatility in the iron ore fines future market most like to influence seaborne prices.
Relentless US-China trade conflicts may put buyers in uncertainty towards future iron ore market.
Iron ore futures yesterday tumbled by 4% amid trade war concerns. US President threatened to impose 10% tariff on USD 200 billion Chinese goods. Following this Shanghai rebar futures also fell.
However, there is increasing demand from Chinese mills as evident from decreasing port inventories, which fell to 158.68 MnT last week as against being 161.03 MnT, the previous week.
China’s Iron Ore Imports up 14% M-o-M in May’18
China’s iron ore and pellet imports have witnessed an increase of 14% M-o-M in May’18. The imports recorded at 94.14 MnT in May’18 compared to 82.92 MnT in Apr’18, according to General Administration of Customs China.
Leave a Reply