IRON ORE DAILY: Seaborne prices rangebound amid growing steel supply concerns

Seaborne iron ore prices observed rangebound movements on Wednesday July 1 after concerns surrounding higher steel product inventories surfaced in the market, sources said.

Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $99.17 per tonne, down $0.26 per tonne.
62% Fe low-alumina fines, cfr Qingdao: $102.50 per tonne, down $0.05 per tonne.
58% Fe fines high-grade premium, cfr Qingdao: $90.13 per tonne, down $0.17 per tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $112.50 per tonne, up $0.10 per tonne.
62% Fe fines, fot Qingdao: 797 yuan per wet metric tonne (implied 62% Fe China Port Price: $104.05 per dry tonne), up by 3 yuan per wmt.
Key drivers
Heavy rainfalls in both the eastern and southern regions in China were heard to have temporarily ceased, but steel reinforcing bar (rebar) producers believe demand was relatively weak, Fastmarkets heard.

Market participants received data suggesting an increase in steel product inventories, likely due to a slowdown in demand, which indirectly weakened the seaborne prices for iron...

Published

Alex Theo

July 01, 2020

12:30 GMT

Singapore