Iron ore prices have continued their increase today, Tuesday, August 4, after the sharp hike yesterday. Stable buying and rising futures prices have been supporting the bullish sentiments in the market.
Prices for iron ore with 62 percent Fe content have risen by $1/mt today to $117/mt CFR. As a result, after yesterday’s rise by $4.8/mt, the total price increase has been $5.8/mt or 5.2 percent since Friday. Fines with 65 percent Fe have also added $1/mt today, rising to $127.3/mt CFR.
A contract for 170,000 mt of Pilbara fines with 61 percent Fe has been signed at $114.8/mt CFR today. 90,000 mt of Jimblebar fines with Fe below 61 percent have been traded at the September index with a $1.9/mt discount. Yandi fines have been traded at the September index minus $2.5/mt. 170,000 mt of Brazilian blended fines with low alumina content have been sold at the September index plus $4/mt. Overall trading has been healthy from ports too. Not only traders but steel mills have also been in the market with inquiries.
At Dalian Commodity Exchange, iron ore futures have gained RMB 28.5/mt ($4/mt) today to RMB 890/mt ($127.5/mt). “The market is good, demand is strong, and so the outlook still seems positive,” a source said.
