Chinese Spot Iron Ore Fines Index Hits 2-Month Low
Chinese spot iron ore prices dropped to USD 99.15/MT, CFR China, as on 5th Aug’19. The prices fell as against USD 108.45/MT, CFR China towards last weekend.
The drop is attributed to reduced demand, increased supply and lowered construction activities in China. Vale, world’s largest iron ore miner resumed its Brucutu mines and Vargem Grande Complex easing global supply concerns. The spot iron ore prices have dropped to 2- months low levels as the prices were last seen towards early June.
The iron ore supply has improved in China amid increased domestic production and destocking activities. Also, thin steel margins have contributed to reduce in purchasing of ore. As per data compiled by SteelHome consultancy, Iron ore inventory at major Chinese ports increased to 121.05 MnT as on 3rd Aug’19 as compared to 119.25 MnT a week ago.
Dalian iron ore future fell yesterday
Dalian iron ore futures with January 2020 expiry, dropped by around 2.8% to 689 yuan/MT as against 704.5 yuan/MT assessed on Monday.
Last week’s U.S. President Donald Trump threatened to impose an additional 10% tariff on USD 300 Bn of Chinese imports from Sept. 1, increased concerns over steel demand. As a result, Chinese currency also depicted depreciation to all time low levels at USD equating to 7.0511 yuan.
source: SteelMint
Top News
Five last month
Two last year
US Energy Dept finalizes $2.26bn loan for Lithium Americas’ Nevada mine
Abandoned copper mines embraced as fast track to boost output
Glencore posts lower metals output for first nine months, reiterates outlook
Mercuria eyes equity in African assets, new metals boss says
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Traders see gold as a surefire bet as coin-toss election looms
Gold price surge adds glitter to tarnished miners
Environmentalists sue over US approval of ioneer’s Nevada lithium mine
Gold price shows little reaction to jobs data
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
Liberty Gold advances Black Pine project permitting
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years