Chinese futures rose further over supply concerns as Vale was ordered to suspend its Itabira mine amid coronavirus pandemic. Thus, the most-actively traded iron ore futures on the Dalian Commodity Exchange (DCE), for September delivery, jumped up by 5.53% day-on-day to RMB 783 per tonne on Monday. However, the steel rebar contract on the Shanghai …
Category archives: News
Soy rises on China hopes but long term doubts remain
US domestic Soy prices have produced their highest close in nine weeks and their highest weekly percentage increase since March 27th. The price increase is on the back of continued purchases of U.S. agricultural products by China. Committed to over 50 billion tonnes of purchases, China has come under fire for sourcing Soy …
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Capesize rates continue the good run on firmer iron ore demand
Capesize rates buoyed on good physical fixture with healthy shipping demand out of both basins. Thus, the Capesize 5 time charter average spiked sharply by $1,130 day-on-day to $7,307 on Friday, after a solid gain that lifted the curve to weeks highs. Following the Capesize rally, the Baltic Dry Index (BDI) also surged further to …
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Iron ore blips back but rally ‘looks stretched’
Iron ore futures in Singapore recovered from yesterday’s blip and is set to finish the week on a high. The iron ore market has seen great volatility of late, pushing towards $100 on supply concerns following disruptions in Brazil as well as strong demand from China. Global steel demand is expected to fall …
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Capesize rates hike as economics reopen
Capesize market kept up the upward momentum with better shipping demand in both basins with higher iron ore prices. Thus, the Capesize 5 time charter average rose by $910 day-on-day to $6,177 on Thursday, after a strong afternoon session that pushed paper market to a day high. Likewise, the Baltic Dry Index (BDI) also managed …
6 Weeks on the Bounce
That is quite a recovery from what was a pretty dire situation for crude. Brent has now risen 6 weeks on the bounce, from a front month price close of around $19.15 on the 21st April to over $40 currently. If we don’t get a Friday sell off/profit taking, I’m sure that the powers that be …
DCE extends corrections despite strong Chinese demand
Chinese futures dipped further on lower buying interest, as buyers were turned off by high seaborne prices and preferred port purchases. The most-actively traded iron ore futures on the Dalian Commodity Exchange (DCE), for September delivery, slid down by 0.93% day-on-day to RMB 746 per tonne on Friday. Following the downtrend, the steel rebar contract …
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Iron ore futures fall as players take profits
Iron ore futures slumped on Thursday following some profit-taking activities as market participants turned cautious. The iron ore market has seen great volatility, pushing towards $100 on supply concerns following disruptions in Brazil as well as strong demand from China. The Dalian Exchange issued a notice earlier this week, urging member brokerages to …
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Oil Through the Looking Glass
Doubts Over OPEC Cuts Crude prices have dropped this morning due to the less optimistic picture among the OPEC+ oil cartel than we had yesterday. Russia and Saudi Arabia may have agreed to support each other on an extension to the cut agreement, masquerading as an oil version of the resolution to the film Step …
Capesize rates strengthen by better iron ore demand
Capesize market spiked further upward due to improving shipping fundamentals and higher iron ore demand. Due to the good physical market, the Capesize 5 time charter average rose by $1,054 day-on-day to $5,247 on Wednesday. In view of the strong Capesize market, the Baltic Dry Index (BDI) reached to a three-week high to 592 ratings, …
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