Steel mills in China expected to curb output over new pollution norms.
Spot iron ore prices moved up today. Fe 62% fines prices are assessed at USD 52.1/MT, CFR China.
Steel mills in Tangshan, China’s top steel producing city, are facing pollution penalties as they need to meet tough new pollution standards over the next 3 months. According to new industry guidelines, steel mills need to upgrade their plants by the end of Oct’15. This had led to shutdown of some steel mills. Thus, over expectation of reduced steel output, declining steel prices have found a support.
Last week steel prices in China slumped to an all time low. As a result of which, Chinese rebar futures rebounded to one week high yesterday.
Iron Ore Stock at Chinese Ports Recorded at 80.6 MnT
Stock of iron ore at Chinese ports has reduced. Stock that was about 81.3 MnT in Week 28; decreased to 80.6 MnT last week.
Global Iron Ore Prices as on 21 July’15
|
|
Material Type |
|
| Fe 62, Australia | Fines | 52.1 |
| Fe 62, Australia | PB Lump | 58 |
| Fe 65, Brazil | Fines | 54 |
| Fe 65, Brazil | Lump | 60 |
| Fe 64/63, South Africa | Lump | 65 |
| Fe 64.5, South Africa | Concentrate | 57 |
| Fe 65/64.5, South Africa | Fines | 55 |
| Fe 63/62, India | Fines | 52 |
| Fe 61/60, India | Fines | 46 |
| Fe 59/58, India | Fines | 42 |
CNF China prices
Source: SteelMint
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