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Dalian iron ore futures rise as shipments from big miners drop

Dalian iron ore futures rise as shipments from big miners drop


News is brought to you by Mr. Shailesh Karia


Published on date 16th April 2020.


BEIJING, April 14 (Reuters) - Benchmark iron ore futures in China rose in early trade on Tuesday as lower shipments from big miners in Australia and Brazil stoked concerns over the steelmaking ingredient’s supply amid resilient demand in the country. Iron ore shipments from Australia and Brazil fell by 3.17 million tonnes last week to 19.81 million tonnes, data compiled by Mysteel consultancy showed. Fresh data released by China’s customs administration showed its iron ore imports in the first quarter dipped 0.4% to 260 million tonnes.


The most traded September contract iron ore on the Dalian Commodity Exchange rose as much as 1.7% to 610 yuan ($86.66) a tonne. As of 0330 GMT, the contract was up 1.1% at 606 yuan per tonne. However, Huatai Futures expects iron ore prices to be under pressure due to high inventory level of steel products and as more shipments get transferred to China from other nations because of coronavirus-led disruptions. Construction rebar on the Shanghai Futures Exchange , for October delivery, stood steadily at 3,388 yuan per tonne. Hot-rolled coil edged down 0.1% to 3,210 yuan a tonne.


FUNDAMENTALS


* Other steelmaking ingredients fell, with Dalian coking coal inching down 0.1% to 1,128 yuan per tonne and Dalian coke falling 0.1% to 1,733 yuan per tonne.


* June contract of stainless steel futures inched up 0.2% to 12,595 yuan per tonne.


* Spot prices for iron ore with 62% iron content for delivery to China rose by $0.2 to $84.5 a tonne on Monday.


* More than 1.8 million people have been reported to be infected by the novel coronavirus globally and over 119,000 have died, according to a Reuters tally.


Source : https://www.reuters.com/


 





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