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Iron Ore Prices Go Up In China On Firm Buying Activity
Nov 24, 2017

Iron ore prices in China have continued moving up Monday due to strong demand. Besides, the Chinese government has eased its monetary policy again, which also supports prices.

  Today, 62% Fe Australian fines have been at $63/t CFR, up $1.5/t from Friday. It is strong buying interest that has encouraged suppliers to keep raising offers. Five iron ore deals have been struck on the exchange during the day. "With consumers replenishing stocks, many suppliers are unwilling to sell even at yesterday’s prices," a trader commented to Metal Expert. In addition, a slight increase in supply from Australia is not expected until the end of May, so factors curbing price increases are few so far.

  The monetary policy easing has sustained iron ore prices. In May, interest rate has been expectedly reduced by 15 p.p. to 5.1%. Earlier, the authorities revised the rate in March.

  Along with rising iron ore prices in the physical market, there has been a further increase in futures prices. In particular, 62% Fe fines on the Dalian Commodity Exchange have been quoted at RMB 441/t, up RMB 4/t as compared to Friday.

  China: deal prices for iron ore,

Products

Fe, %

Sales mode

Volume, t

Delivery

Price, CFR Qingdao

Price, FOB

Brazilian fines

61.74

GlobalORE

171,000

June, to Hong Kong

unspecified price

-

Australian Pilbara fines

62

GlobalORE

170,000

June

63.25

59

Australian Pilbara fines+lumps

62

COREX

100,000+70,000

June 10-20*

unspecified price

-

Australian Newman fines

62.5

COREX

110,000

May 26 – June 4*

63.5

59

Brazilian fines

62.3

COREX

37,000

May 14-20*

unspecified price

-


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