Iron ore prices have been following an upward trend today, Monday, July 13, amid strong buying and surging futures prices. As a result, prices have exceeded $110/mt CFR, touching a new high for the year. Iron ore fines with 62 percent Fe have reached $111.2/mt CFR, up by $5.2/mt today from Friday, while prices for Brazilian fines with 65 percent Fe are now at $123/mt CFR, jumping by $3.8/mt today. The higher price level was last seen on August 1, 2019.
At least four deals for 530,000 mt in total have been registered at the GlobalOre trading platform. Two of them were for Pilbara fines at $111.1/mt CFR and $111.2/mt CFR. Also, 170,000 mt of Brazilian blended fines have been sold at $112.85/mt CFR. About 90,000 mt of Newman fines have been traded at $111.1/mt CFR today. Active trading has been seen at ports as traders have been increasing prices, seeing the sharp rises in futures prices, while the appetite from buyers’ has been increasing.
Iron ore futures at the Dalian Commodity Exchange have closed at RMB 829/mt ($118.6/mt) on July 13, up by RMB 38/mt ($5.4/mt) or 4.8 percent over the day. Sources said that expectations are good in the market as China has continued to show demand, remaining the main driver of raw material and steel price rises.
Rebar futures at the Shanghai Future Exchange have reached RMB 3,735/mt, up by RMB 36/mt today.
