- Write by:
-
Monday, June 28, 2021 - 02:38:26
-
246 Visit
-
Print
Mining News Pro - Iron ore prices rose on Monday supported by a decline in portside stockpiles in China.
Imported iron ore stocked at Chinese ports dropped for a fourth straight week to 123.95 million tonnes as of Friday, hitting the lowest level since early October, data from SteelHome consultancy showed.
According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $218.62 a tonne on Monday, up 0.9% from Friday’s closing.
The most-traded September iron ore contract on China’s Dalian Commodity Exchange ended daytime trading 2.1% higher at 1,196 yuan ($185.31) a tonne, up for a fourth consecutive session. It earlier rose to 1,209.50 yuan, its strongest level since June 21.
“Weekly Australian iron ore shipments have been disappointing through June, creating a tighter global supply-demand balance – not to mention the revolving door of incidents in Brazil,” said Atilla Widnell, managing director at Navigate Commodities in Singapore.
“Iron ore and steel prices are once again rising higher … amid strong demand from the Chinese steel industry and supply issues from the largest global producers,” market analyst Fitch Solutions wrote in a note.
However, an improvement in supply and weaker consumption by downstream players at current high prices are expected to cap gains in the coming months, Fitch added.
Short Link:
https://www.miningnews.ir/En/News/614762
Iron ore pellet producer Ferrexpo said a court has prohibited the transfer of ownership and other shares-related ...
Battery metal prices are on the floor, and massive expansions by Chinese miners have been instrumental in driving them ...
Indonesian state-controlled miner Aneka Tambang (Antam) aims to launch the construction of two nickel processing ...
Iron ore futures edged higher on Monday, supported by hopes of further recovery in demand in top consumer China and ...
Aluminum prices touched an 11-week high on Monday over concerns over slow recovery in production in China’s Yunnan ...
China’s steel industry is young compared to Europe’s, and its transition to net zero may be slower as it takes a ...
Iron ore futures tumbled in Singapore, extending a stretch of volatile trading amid deepening anxiety over Chinese ...
Iron ore futures were mixed on Friday, but set for a weekly gain on mounting anticipation of a pick up in demand in top ...
The Pataz Unified Command, whose members hail from the National Armed Forces and the National Police, detained three men ...
No comments have been posted yet ...