Iron ore prices surge on positive exports

sxcoal.com General,  Price,  International,  Iron Ore,  Steel Products 2023-12-08 13:01:23

Iron ore futures experienced a noticeable increase on December 7 as a result of encouraging export data from China and positive announcements by major steel producers.

 

The May iron ore on the Dalian Commodity Exchange (DCE) rose 3.9% to close at 941 yuan/t ($131/t) on December, while the benchmark January iron ore on the Singapore Exchange gained 1.8% to $131.65/t.

 

China's iron ore imports increased 3.38% month on month to 10.27 million tonnes in November, fueled by improved steel margins and a recovery in the Chinese yuan, customs data showed.

 

Vale, one of the world's largest iron ore producers in Brazil, maintained its production target for the second consecutive year, optimistic about the stronger-than-expected demand from China. Rio Tinto also announced an accelerated timeline for production at its Simandou iron ore project, which is expected to boost global seaborne supply by around 5%.

 

The stable production guidance from major producers and expected recovering downstream demand are likely to support further price increases in steelmaking materials next year, ING analysts said in a report.

 

The DCE recently announced plans to strengthen market supervision in the iron ore sector, following previous measures by China to control price rallies. However, analysts suggested these efforts may have diminishing effects.

 

Sxcoal's data showed the price of Shanghai HRB 400 rebar (20 mm) stood at 4,060 yuan/t on December 7, up 100 yuan/t or 2.53% from the month-ago level, and that of Shanghai hot-rolled coil (3.0 mm) grew 180 yuan/t or 4.57% to 4,120 yuan/t. Tangshan Q235 billet price increased 110 yuan/t or 3.10% on the month to 3,660 yuan/t.

 

As for other steelmaking ingredients, the CCI index for Shanxi low-sulfur and high-sulfur primary coking coal stood at 2,518 yuan/t and 2,333 yuan/t, up 12.3% and 15.8% from last month, while the CCI index for Luliang Quasi Grade I in Shanxi rose 10.0% to 2,210 yuan/t.

 

(Writing by Riley Liang  Editing by Harry Huo)
For any questions, please contact us by inquiry@fwenergy.com or +86-351-7219322.

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