Iron Ore Under Pressure as China Port Stockpiles Grow
Iron ore futures slipped on Monday on rising port inventory of the steelmaking ingredient in China, though optimism over prospects of strong domestic steel demand for the rest of the year kept losses in check.The Dalian Commodity Exchange's most-traded September iron ore contract closed down 0.3% at 817 yuan ($116.91) a tonne, stretching losses into a third consecutive session.Iron ore's August contract on the Singapore Exchange dropped 0.7% to $106.31 a tonne in afternoon trade, extending losses into a fourth session.China's imported iron ore inventory stocked at ports rose for a fourth strai
Dalian Exchange Calls for 'Rational' Iron Ore Trade
China's Dalian Commodity Exchange on Tuesday asked members to act "rationally" in iron ore futures trade after prices for the steelmaking ingredient held above $100 per tonne."The iron ore market has been facing many uncertainties recently," the Dalian bourse said on its website, adding that it would strengthen investigations and strictly crack down on any irregularities.Dalian's most traded iron ore futures contract, for September delivery, has jumped more than 8% since May 26 on concerns of tight supply from Brazil.It closed at 757 yuan ($106.62) per tonne on Tuesday.($1 = 7.0999 Chinese yua
China Iron Ore Recoups Losses Amid Stimulus Hopes
China's iron ore futures erased earlier losses to end flat on Thursday, regaining support as miner Vale SA said it may temporarily halt activities at its Malaysian distribution center as a safety measure against the coronavirus pandemic.Iron ore's most-traded contract on the Dalian Commodity Exchange steadied at 678 yuan ($95.76) a tonne, after tumbling 5.8% earlier in the session.On the Singapore Exchange, the front-month iron ore contract trimmed losses to just 0.3% in afternoon trade from 4.1% earlier in the day.Iron ore supplier Vale said on Wednesday its Malaysian distribution center may
Singapore Exchange to Launch High-grade Iron Ore Derivatives
The Singapore Exchange said on Thursday that it will launch new high-grade iron ore derivatives in December, aiming to tap into a growing appetite for higher quality supplies of the steelmaking raw material.China's anti-pollution campaign has forced steelmakers in the world's top producer to shift to higher grade iron ore to curb emissions, in a boon for top supplier, Brazilian mining giant Vale.SGX said that the futures and swaps contracts will reference the Brazilian ore fines…
China's Steel, Iron Ore Flat Amid Trade Tensions
China's steel and iron ore prices were little changed on Tuesday as market participants turned cautious amid escalating trade tension between Washington and Beijing.On Monday, U.S. President Donald Trump decided to impose 10 percent tariffs on about $200 billion worth of Chinese imports which would be effective on Sept.24.Trump also warned of more duties on additional $267 billion of Chinese imports if Beijing takes retaliatory action."Direct impact of the trade spat on ferrous market is minor as China doesn't sell much steel products to the United States.
China's ShFE plans commodities platform to set physical prices
Shanghai Futures Exchange (ShFE) said on Tuesday it would launch China's first real-time platform for trading physical commodities from copper to chemicals, as it seeks to improve transparency and challenge rivals in the global futures market.The platform will set physical premiums and discounts for cash-settled futures warrants depending on the commodity's location, quality and brand.In commodities trading, buyers typically pay a premium on top of or receive a discount from the…
As Trade Tensions Mount, China Soybean Buyers Devise Contingency Plans
Chinese buyers of soybeans, the United States' biggest agricultural export to the country, are quietly drawing up contingency plans to ensure supplies of critical raw materials in the event of a trade war, sources said. The moves are the strongest sign yet that businesses in the world's most populous country are growing worried that critical commodities could get caught up in escalating trade tensions. At least two trading houses have started buying more rapeseed meal, an alternative ingredient used to make animal feed…
Iron Ore Stockpiles at China Ports near Record High
Chinese iron ore futures struggled to regain ground on Tuesday after recent sharp losses that drove the steelmaking commodity to its weakest since November and pulled down spot prices to below $70 a tonne for the first time in three months. Lean demand in top consumer China has kept iron ore stocks at its ports near a record high around 159 million tonnes, enough to build Australia's Sydney Harbour Bridge almost 1,900 times over. Iron ore demand has been slow amid a mountain of…
Soft Demand Sinks China Iron Ore Futures
Chinese iron ore futures fell to their weakest level in a month on Monday as demand for the steelmaking commodity remained slow in the world's top buyer, keeping stocks at its ports near a record high. Arrivals in China were also sustained by a lack of weather interruptions to shipments from top iron ore suppliers Australia and Brazil, which can be common at this time of the year. "Exports from Australia and Brazil are usually impacted by weather related issues in the first couple of months of the year; however, so far there has been little disruption," ANZ analysts said in a note.
Baltic Index Rises for Sixth Day Straight
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Monday for the sixth straight session, helped by higher rates for larger vessels. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 4 points, or 0.39 percent, at 1,036 points. The capesize index increased 18 points, or 1.1 percent, to 1,655 points. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $176 at $13,139.