Global iron ore prices retreat after reaching USD 70/MT Fe (62%), CFR China which it touched on Nov 21st last year. Even after the prediction of global iron ore prices hitting it’s lowest in years anytime soon there has been a surge in the steel making raw material prices.
The prices for the material have seen an increase of 9% W-o-W considering last Wednesday’s prices. On Jun 19th, 2017 the prices were registered at USD 70/MT Fe (62%), CFR China against USD 64/MT Fe (62%), CFR China.
Today it closed at USD 68/MT Fe (62%), CFR China around USD 2 less per MT than its previous close.
The prices have increased by 25% M-o-M which were USD 56/MT Fe (62%),CFR China on 19th Jun, 2017.
A forecast post reasonable growth in world iron ore supply like Vale’s S11D mine and Roy Hill in Australia having production full swing had brought the market for the material down last couple of months.
However as Rio Tinto declared that the shipments from Australia will be reduced to 330 million tonnes from the earlier target of 330 MnT to 340 million tonnes in 2017 the prices started rebounding which were already climbing the graph since two weeks now.
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