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Chinese Spot Iron Ore Fines Price Climb to Over 1.5 Month High

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Fines/Lumps

BigMint Bureau

689 Reads

8 May 2020, 20:42 IST

Chinese Spot Iron Ore Fines Price Climb to Over 1.5 Month High

Chinese spot iron ore fines (Fe 62%) prices increased sharply today (i.e 8th May'20) to USD 88.45/MT, CFR China. The prices picked up by 5% as against USD 84.20/MT as on 6th May'20. These price levels were last seen in mid Mar'20 and thus prices have hit over 1.5 month high.

The long labour day holidays in China starting from 1st May'20, led to stability in iron ore prices for the week at around USD 84/MT, CFR China. However, the market witnessed recovery from mid of the week.

The bullish market sentiments today led the traders to raise iron ore prices. Few market sources said that owing to some issues in Brazilian ores supplies that prices have moved up, however further updates on this are yet to be received.

Yesterday, the most-traded iron ore futures on the Dalian Commodity Exchange, for September delivery, closed up 2.0% to 623 Yuan (USD 87.71)/MT.

As per data compiled by SteelHome consultancy, iron ore inventory at major Chinese ports dropped to 112. 95 MnT as against 115.65 MnT assessed a week ago.