Iron ore prices have moved up further on Wednesday, November 20, as more deals have been signed in the market and the overall situation in the steel market in China has remained healthy. Prices for iron ore fines with 62 percent Fe content have added $0.6/mt to $86.1/mt CFR today, while prices for Brazilian fines with 65 percent Fe have reached $98/mt CFR, increasing by the same amount.
Four deals have been registered in the seaborne market today for about 680,000 mt of iron ore in total. Three contracts have been signed at the COREX platform, two of them for Pilbara fines and one for a mixed cargo of Pilbara fines and lumps. Prices have been based on the December index plus $1.3-2.1/mt. A miner has closed a tender for 170,000 mt also of Pilbara fines at index plus $1.85/mt.
Average spot rebar prices in China have increased by RMB 83/mt ($11.8/mt) today to RMB 4,273/mt ($609.6/mt) ex-warehouse, according to SteelOrbis’ data, reflecting stronger demand in the eastern and southern parts of the country. Rebar futures have surged again on the same day, by RMB 86/mt ($12.3/mt) to RMB 3,676/mt ($534/mt).