AGL 38.54 Increased By ▲ 0.97 (2.58%)
AIRLINK 129.50 Decreased By ▼ -3.00 (-2.26%)
BOP 5.61 Decreased By ▼ -0.03 (-0.53%)
CNERGY 3.86 Increased By ▲ 0.09 (2.39%)
DCL 8.73 Decreased By ▼ -0.14 (-1.58%)
DFML 41.76 Increased By ▲ 0.76 (1.85%)
DGKC 88.30 Decreased By ▼ -1.86 (-2.06%)
FCCL 35.00 Decreased By ▼ -0.08 (-0.23%)
FFBL 67.35 Increased By ▲ 0.85 (1.28%)
FFL 10.61 Increased By ▲ 0.46 (4.53%)
HUBC 108.76 Increased By ▲ 2.36 (2.22%)
HUMNL 14.66 Increased By ▲ 1.26 (9.4%)
KEL 4.75 Decreased By ▼ -0.11 (-2.26%)
KOSM 6.95 Increased By ▲ 0.10 (1.46%)
MLCF 41.65 Decreased By ▼ -0.15 (-0.36%)
NBP 59.60 Increased By ▲ 1.02 (1.74%)
OGDC 183.00 Increased By ▲ 1.75 (0.97%)
PAEL 26.25 Increased By ▲ 0.55 (2.14%)
PIBTL 5.97 Increased By ▲ 0.14 (2.4%)
PPL 146.70 Decreased By ▼ -1.70 (-1.15%)
PRL 23.61 Increased By ▲ 0.39 (1.68%)
PTC 16.56 Increased By ▲ 1.32 (8.66%)
SEARL 68.30 Decreased By ▼ -0.49 (-0.71%)
TELE 7.23 Decreased By ▼ -0.01 (-0.14%)
TOMCL 35.95 Decreased By ▼ -0.05 (-0.14%)
TPLP 7.85 Increased By ▲ 0.45 (6.08%)
TREET 14.20 Decreased By ▼ -0.04 (-0.28%)
TRG 50.45 Decreased By ▼ -0.40 (-0.79%)
UNITY 26.75 Increased By ▲ 0.35 (1.33%)
WTL 1.21 No Change ▼ 0.00 (0%)
BR100 9,806 Increased By 37.8 (0.39%)
BR30 29,678 Increased By 278.1 (0.95%)
KSE100 92,304 Increased By 366.3 (0.4%)
KSE30 28,840 Increased By 96.6 (0.34%)
Markets

Dalian iron ore jumps 4% as Australia, Brazil shipments decline

  • At the same time, portside iron ore inventory in China shrank to 126.75 million tonnes as of Dec. 31, down 4.1% from last year's peak of 132.15 million tonnes recorded on Nov. 13, SteelHome data showed.
Published January 5, 2021

MANILA: China's iron ore futures advanced for a third straight session to a one-week high on Tuesday, as concerns over tight supply pushed spot prices of the steelmaking raw material further above $160 a tonne.

The most-traded iron ore for May delivery on the Dalian Commodity Exchange ended daytime trading higher by 4% at 1,039 yuan a tonne, after earlier hitting 1,043.50 yuan, its strongest since Dec. 29.

Iron ore's most-active February contract on the Singapore Exchange rose 1.2% $163.09 a tonne by 0716 GMT.

Fresh signs of continuing tightness in iron ore supply and an overall positive sentiment after the New Year holidays pushed spot prices in China to $166 a tonne on Monday, the highest since Dec. 24, according to SteelHome consultancy.

After a two-week rise, iron ore volumes dispatched from 19 ports and 16 mining companies in Australia and Brazil - the biggest suppliers to top steel producer China - declined over Dec. 28-Jan. 3 by over 1 million tonnes, or 4.3%, from the week before, Mysteel consultancy reported.

At the same time, portside iron ore inventory in China shrank to 126.75 million tonnes as of Dec. 31, down 4.1% from last year's peak of 132.15 million tonnes recorded on Nov. 13, SteelHome data showed.

"Despite well-balanced iron ore market fundamentals, iron ore prices have reacted to relatively lower weekly shipments out of Australia and Brazil," said Atilla Widnell, managing director at Navigate Commodities in Singapore.

Additional support emanated from the US dollar depreciation and an indication of the beginning of China's seasonal steel restocking cycle over the past few days, he said.

Comments

Comments are closed.