IRON ORE DAILY: Seaborne prices up with H2 steel cut plans in doubt

Iron ore prices mostly went up on Monday August 2 with the Chinese government being urged to pull back its aggressive carbon-reduction measures. This resulted in improved expectations for iron ore demand, because the proposed cuts in steel production for the rest of 2021 may be eased, market sources said.

Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $184.42 per tonne, up by $2.85 per tonne 62% Fe low-alumina fines, cfr Qingdao: $185.08 per tonne, up by $2.28 per tonne 58% Fe fines high-grade premium, cfr Qingdao: $147.90 per tonne, up by $1.29 per tonne 65% Fe Brazil-origin fines, cfr Qingdao: $215.40 per tonne, up by $1 per tonne 62% Fe fines, fot Qingdao: 1,288 yuan per wet metric tonne (implied 62% Fe China Port Price: $186.40 per dry tonne), down by 13 yuan per wmt. Key drivers The most-traded September iron ore futures contract on the Dalian Commodity Exchange (DCE) decreased initially but rebounded higher, ending up by 2.6% from last Friday’s closing price of 1,027 yuan ($159) per tonne. Meanwhile, the most-traded September iron ore forward-month swap contract on the Singapore Exchange (SGX) also rose, despite going down in the afternoon. By 6:20pm Singapore time, it showed an increase of $1.20...

Published

Zihao Yu

August 02, 2021

12:17 GMT

Singapore