Iron Ore Market Update
Market Commentary
Iron ore futures surged above $201 on Thursday on robust rebar inventory data while speculation around a possible relaxation of production curbs in Tangshan also aided prices. Rebar inventories were down for a 12th consecutive week. Total rebar inventories stood at10.42 million tonnes, down 3.32% from a week ago. Meanwhile, authorities in Tangshan are seeking to ease restrictions around iron smelting and lift emissions controls to deal with rising steel prices, Caixin reported on Monday without citing the spokesman. If implemented, it would mark a major turnaround of plans from March when curbs were announced in a bid to reduce carbon emissions.
The benchmark Jul contract briefly surged above $202 during morning time in London. Jul was seen hovering, and trading, around 201 for the most part of the morning. 65% Jul traded at 230.0. Spreads were once again wider, with Q1/Q4 and Q2/Q4 traded at 33.1 and 19.9, respectively.
Physical Trades
Platform
Corex traded 90,000 mt Fe 63% Newman lumps at Platts Jul Fe62% Index plus premium of $0.69 dmtu, for Jul 6- 15 loading.
GO traded 170,000 mt Fe 65% Carajas fines, at the July average of Fastmarkets’ index plus a premium of $10.60 per tonne, for bill of lading on May 28.
Click below link to open today’s Singapore Iron Ore Report
https://fisapp.com/wp-content/uploads/2021/06/Iron-Ore-Report-03062021-Eng-Chn.pdf