Iron ore prices have mostly moved sideways on Monday, January 20, as demand continues to be observed despite the approaching holiday. Most sources are positive regarding the post-holiday situation. Prices for fines with 62 percent Fe content have today inched down by a marginal $0.1/mt to $95.5/mt CFR, while Brazilian iron ore with 65 percent Fe have been at $110.6/mt CFR, also down $0.1/mt.
Four deals have been signed at the trading platforms for 490,000 mt in total. About 170,000 mt of Pilbara fines with about 62 percent Fe have been sold at $95.55/mt CFR for shipment in March 1-10. Moreover, two deals for Yandi fines (Fe 57.1 percent) for a total volume of 230,000 mt have been done at March index with discounts of $5.3/mt and $5.6/mt. Also, 90,000 mt of Newman lumps has been traded at the March index with a $0.2695/mt premium. Trading activity at Chinese ports has improved compared to Friday and prices have been relatively stable.
Positive market expectations have been reflected in higher futures prices. Iron ore futures at Dalian Commodity Exchange have gained RMB 3.5/mt ($0.5/mt) today to RMB 670/mt ($97.7/mt), while rebar prices at Shanghai Future Exchange have added RMB 19/mt ($2.8/mt) to RMB 3,605/mt ($525/mt).
