Chinese spot iron ore prices dropped sharply yesterday (23rd Mar’20) to USD 80.20/MT CFR China. The prices have dropped by USD 6.35/MT against last weekend price at USD 86.55/MT, CFR China. The current prices are close to 2-months low as similar price level was seen in beginning of Feb’20.
The prices have witnessed a fall amid rising concerns due to Coronavirus outbreak. Also, falling European demand due to announced production cuts at some European mills led to shrinking prices. The deadly virus outbreak has led to closure of numerous mines, falling demand and production drop at steel mills.
As per reports, the most-traded May iron ore contract on the Dalian Commodity Exchange fell 3.1% to 619 RMB (USD 87) /MT, marking its lowest since 2 Mar’20.
World’s largest iron ore miner- Vale yesterday informed temporary halt at Malaysian distribution centre (the Teluk Rubiah Maritime Terminal) starting from 24th Mar to atleast 31st Mar’20. The terminal shipped 23.7 MnT iron ore in CY19.
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