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 |
