Iron ore prices have moved down slightly today, Tuesday, June 9, after sharp increases on Monday amid supply worries. Demand for imported iron ore has been strong in China recently and the price retreat has been assessed as an expected correction following a very sharp hike. The price for iron ore with 62 percent Fe content is now at $103.9/mt CFR, down by $1.4/mt from Monday. Nevertheless, it is still $3.1/mt above the level of last Friday. Brazilian 65 percent Fe fines have been traded at $117.9/mt CFR, with the price down $2.5/mt today, SteelOrbis has learned.
Mid-grade Pilbara fines with 62 percent Fe content have been traded at $103.85/mt CFR, $103.9/mt CFR and $104/mt CFR on Tuesday. Moreover, 170,000 mt of Brazilian blended fines have changed hands at $107.3/mt CFR. 130,000 mt of Brazilian 65 percent Fe iron ore have been sold at $117.9/mt CFR. 80,000 mt of Yandi fines have been traded at the July index minus $2.95/mt.
Iron ore futures at Dalian Commodity Exchange have declined by RMB 8/mt ($1.1/mt) to RMB 769.5/mt ($108.7/mt), signalling a cooling of the market. Rebar futures at Shanghai Future Exchange have closed at RMB 9/mt ($1.3/mt) lower than yesterday - at RMB 3,619.
Uncertainties about the supply of iron ore from Brazil after the recent suspension of operations at Vale’s Itabira mining complex will support iron ore prices at a high level above $100/mt CFR in the near future, sources have said.
