Based on Fastmarkets MB, benchmark 62% Fe fines imported into Northern China had been altering fingers for $218.62 a tonne on Monday, up 0.9% from Friday’s closing.
Probably the most-traded September iron ore contract on China’s Dalian Commodity Trade ended daytime buying and selling 2.1% larger at 1,196 yuan ($185.31) a tonne, up for a fourth consecutive session. It earlier rose to 1,209.50 yuan, its strongest stage since June 21.
“Weekly Australian iron ore shipments have been disappointing via June, making a tighter world supply-demand steadiness – to not point out the revolving door of incidents in Brazil,” stated Atilla Widnell, managing director at Navigate Commodities in Singapore.
“Iron ore and metal costs are as soon as once more rising larger … amid sturdy demand from the Chinese language metal trade and provide points from the biggest world producers,” market analyst Fitch Options wrote in a notice.
Nonetheless, an enchancment in provide and weaker consumption by downstream gamers at present excessive costs are anticipated to cap good points within the coming months, Fitch added.
(With information from Reuters)
