On August 6, Dalian Commodity Exchange (DCE) issued a letter warning of the risk of price volatility in the iron ore market, stating that the iron ore market has been facing a lot of uncertainties and big fluctuations in prices, and accordingly DCE has urged its member companies to strengthen risk prevention and remind customers to participate in rational and legitimate transactions.
Iron ore futures closed at RMB 896/mt on Friday, August 7, up by RMB 23/mt since Monday and increasing by a very sharp margin of RMB 46.5/mt since late last week.
As previously reported by SteelOrbis, iron ore fines with 62 percent Fe content in the spot market edged up by $2.6/mt on August 6 to $120.8/mt CFR, while week on week prices gained $10.4/mt, marking the strongest increase in a single week so far this year. Brazilian iron ore with 65 percent Fe content also moved up on the same day to $128/mt CFR, increasing by $0.7/mt.