Australia – world’s largest iron ore exporter has recorded iron ore shipment at 75.29 mnt for May’20, up slightly against 74.61 mnt in Apr’20, according to the vessel line up data maintained with SteelMint.
The Chinese mills resumed production post lockdown and witnessed recovery in construction activities. However, amid lower steel margins Chinese mills preference for lower grade ore stood on the higher side while imports of Australian higher grade ore remained on lower side. Also, the rise in Chinese demand accompanied by global material shortage caused by Brazilian miners was offset by the rising prices in May’20. The spot iron ore fines (Fe 62%) prices picked up sharply in the month of May’20 to over $100/t, CFR China. Also the most-traded September contract of iron ore on the Dalian Commodity Exchange surged 23.3% last month.
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