Singapore Iron Ore Derivatives Report 30/10/2020

Iron Ore Market Update Market Commentary Iron ore futures rallied to $116 in London morning as investors continued to assess rising port stockpiles against the strength of China’s steel market as the country continues its recovery from the coronavirus pandemic. Iron ore futures were initially lower in Asia as the latest MySteel data showed that …

Preparation for winter output cut ahead

A total of 1.02 million mt of iron ores was traded for the week ended Oct 30, down almost 27% week-on-week as compared to the 1.39 million mt recorded last week. The declining volumes was in line with market expectation of the upcoming winter production cut with strict environmental regulations being implemented. Pilbara Blend fines …

Morning Oil Report 30/10/20

Brent crude slipped for a third day and was down 51 cents, 1.4%, at $37.14 a barrel by 0628 GMT after touching a five-month low in the previous session. December Brent contract expires on Friday. U.S. West Texas Intermediate (WTI) crude declined 48 cents, or 1.3%, to $35.69 a barrel after dipping to its lowest …

DCE rises on lower steel stockpiles

Iron ore futures rose on drawdown of steel stocks among Chinese traders, lifting market sentiments on better steel demand ahead. The most-traded iron ore for January 2021 delivery on China’s Dalian Commodity Exchange rose by 2.12% day-on-day to RMB 794.50/mt on Friday. Following the rally, the steel rebar contract on the Shanghai Futures Exchange also …

Capesize rates fall on further market selloff

Capesize freight rates fell further on aggressive selloff in the market, due to softening paper and physical market. The Capesize 5 time charter average then dropped by $2,100 day-on-day to $15,781 on Thursday, after a bloodbath in the paper market. The Baltic Dry Index (BDI) also followed the downtrend and dropped by 6.29% or 87 …

Oil Through the Looking Glass 29/10/20

*Asian Buyers Boost Physical Oil as Pandemic Punishes Futures* Traders have a view that China and India have bolstered demand for physical oil even though prices are being hammered by oversupply and demand problems that are sending shockwaves through the oil market, with lows on Thursday touching $36.64 before bouncing back up at midafternoon.   Chinese …

Singapore Iron Ore Derivatives Report 29/10/20

Market Commentary Iron ore futures were largely flat on Thursday as investors weighed rising global supplies against declining steel inventories.  Fortescue Metals Group Ltd, the no. 4 exporter, said on Thursday that quarterly shipment climbed 5% and that it is considering options to increase cargoes from Australia. This came after Brazilian producer Vale is ramping …