IRON ORE DAILY: Prices up due to uncertainty over steel production cut

Iron ore prices edged up on Tuesday August 3, with market participants uncertain about the nature of steel production cuts in the rest of 2021, sources told Fastmarkets.

Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $184.67 per tonne, up $0.25 per tonne 62% Fe low-alumina fines, cfr Qingdao: $185.47 per tonne, up $0.39 per tonne 58% Fe fines high-grade premium, cfr Qingdao: $149.00 per tonne, up $1.10 per tonne 65% Fe Brazil-origin fines, cfr Qingdao: $215.10 per tonne, down $0.30 per tonne 62% Fe fines, fot Qingdao: 1,287 yuan per wet metric tonne (implied 62% Fe China Port Price: $186.19 per dry tonne), down by 1 yuan per wmt Key drivers The most-traded September iron ore futures contract on the Dalian Commodity Exchange (DCE) fluctuated in Monday night's session, increased in Tuesday morning's session but dropped in the afternoon session before closing up by 0.8% from Monday’s closing price of 1,054 yuan ($163) per tonne. The most-traded September iron ore forward-month swap contract on the Singapore Exchange (SGX) also increased....

Published

Min Li

August 03, 2021

12:10 GMT

Shanghai