Iron ore prices indicate expected rebound after sharp drop

Thursday, 22 August 2019 17:33:20 (GMT+3)   |   Istanbul
       

Iron ore prices have posted a $2/mt increase today, Thursday, August 22, after a sharp drop by $5.5/mt yesterday. Australian iron ore fines with 62 percent Fe content have reached $84.75/mt CFR, while prices for Brazilian 65 percent Fe content fines have increased by $1.5/mt to $93.5/mt CFR. Most market participants said that a rebound commonly follows a sharp drop and that this does not signal better market sentiment.

Buying activity has improved today with 610,000 mt sold at platforms on Thursday.

Some rebound seen in the steel market has also supported iron ore tags. Rebar futures prices at Shanghai Futures Exchange have increased by RMB 20/mt ($2.8/mt) on Thursday, reaching RMB 3687/mt ($524/mt).

Deals for iron ore in the overseas market on August 22

Trading platform

Iron ore grade

Volume

Shipment

Price

 

GlobalOre

Fines 62 percent Fe content

170,000 mt

September 16-25

Oct. index + $2.05/mt

COREX

Fines 65 percent Fe content

170,000 mt

August 14

Oct. index + $0.6/mt

COREX

Fines 62 percent Fe content

190,000 mt

August 14

Oct. index + $0.6/mt

COREX

Fines 61 percent Fe content

80,000 mt

September 16-25

Oct. index + $1.2/mt


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