Iron ore prices up slightly today, though down week on week

Thursday, 24 November 2022 17:06:16 (GMT+3)   |   Shanghai
       

Import iron ore prices in China have edged up slightly today, Thursday, November 24, while indicating declines compared to last week. Iron ore futures prices increased by 1.31 percent on November 24.   

Iron ore fines with 62 percent Fe content have risen by $0.7/mt today to $96.4/mt CFR. However, this level is $1.6/mt below that seen a week ago. Brazilian iron ore with 65 percent Fe has indicated rises of $0.75/mt on November 24 to $105.25/mt CFR, down $1.35/mt week on week, SteelOrbis has learned.  

On November 24, a deal for 180,000 mt of Jimblebar blended fines has been heard deal at the 62 percent index -$5.6/mt. Also, two deals for MAC fines with 62 percent Fe content have been done at $93.8/mt CFR and $94/mt CFR.   

During the given week, import iron ore prices in the Chinese market have moved up even against the backdrop of the news of production restrictions in northern China, while the easing of Covid-19 restrictions has bolstered market sentiments. China’s finance policy is expected to be loose, which will also exert a positive impact on the iron ore market. The inventory of iron ore at ports has decreased, while the deliveries of iron ore from Brazil and Australia are expected to rise. It is expected that import iron ore prices in the Chinese market will fluctuate within a limited range in the coming week.   

Iron ore futures prices at Dalian Commodity Exchange have moved up by 1.31 percent to RMB 732/mt ($102.8/mt) compared to November 23, while decreasing by 1.08 percent compared to November 17.   

As of Thursday, November 24, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,681/mt ($517/mt), decreasing by RMB 45/mt ($6.3/mt) or down 1.2 percent since November 17, while rising by 0.4 percent compared to the previous trading day (November 23).  


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