Seaborne prices for iron ore concentrate, pellets slump amid weak demand

Prices for seaborne iron ore concentrate and pellets slumped in the week ended Friday August 25 amid a bearish outlook for steel demand and an oversupply of steelmaking raw materials at Chinese ports, according to sources.

Fastmarkets iron ore indices
66% Fe concentrate, cfr Qingdao: $126.88 per tonne, down $8.68 per tonne.
65% Fe blast furnace pellet, cfr Qingdao: $138.84 per tonne, down $8.41 per tonne.
Key drivers
Demand for iron ore pellets was soft last week despite pelletizing restrictions imposed in the steelmaking hub of Tangshan since mid-September, according to a Singapore-based trader.
An increase in consumption rates among Indian mills also reduced the number of pellet shipments from the South Asian country last week, he added.

Apart from these, he noted that some of the shipments from Europe originally meant for Asia had been...

Published

Alex Theo

September 28, 2020

07:47 GMT

Singapore