AGL 5.60 Decreased By ▼ -0.18 (-3.11%)
ANL 8.90 Increased By ▲ 0.02 (0.23%)
AVN 76.85 Decreased By ▼ -2.07 (-2.62%)
BOP 5.26 Decreased By ▼ -0.02 (-0.38%)
CNERGY 4.63 Decreased By ▼ -0.07 (-1.49%)
EFERT 81.27 Decreased By ▼ -0.33 (-0.4%)
EPCL 50.08 Decreased By ▼ -0.83 (-1.63%)
FCCL 13.16 Decreased By ▼ -0.22 (-1.64%)
FFL 5.69 Decreased By ▼ -0.03 (-0.52%)
FLYNG 7.07 Decreased By ▼ -0.08 (-1.12%)
FNEL 4.79 Decreased By ▼ -0.03 (-0.62%)
GGGL 8.80 Decreased By ▼ -0.10 (-1.12%)
GGL 14.55 Decreased By ▼ -1.33 (-8.38%)
HUMNL 5.69 Decreased By ▼ -0.08 (-1.39%)
KEL 2.63 Decreased By ▼ -0.03 (-1.13%)
LOTCHEM 28.60 Decreased By ▼ -0.45 (-1.55%)
MLCF 24.49 Decreased By ▼ -0.61 (-2.43%)
OGDC 72.43 Decreased By ▼ -0.02 (-0.03%)
PAEL 15.36 Increased By ▲ 0.01 (0.07%)
PIBTL 5.00 Decreased By ▼ -0.05 (-0.99%)
PRL 16.10 Decreased By ▼ -0.19 (-1.17%)
SILK 1.08 Decreased By ▼ -0.01 (-0.92%)
TELE 9.14 Decreased By ▼ -0.23 (-2.45%)
TPL 7.23 Decreased By ▼ -0.10 (-1.36%)
TPLP 18.61 Decreased By ▼ -0.34 (-1.79%)
TREET 21.68 Decreased By ▼ -0.32 (-1.45%)
TRG 136.71 Decreased By ▼ -4.44 (-3.15%)
UNITY 16.88 Decreased By ▼ -0.14 (-0.82%)
WAVES 9.86 Decreased By ▼ -0.04 (-0.4%)
WTL 1.41 No Change ▼ 0.00 (0%)
BR100 4,225 Decreased By -29.6 (-0.7%)
BR30 15,518 Decreased By -214.7 (-1.36%)
KSE100 42,150 Decreased By -243.4 (-0.57%)
KSE30 15,588 Decreased By -75.7 (-0.48%)
Markets

Dalian iron ore breaches 1,000 yuan/T on demand view, supply fears

  • Mysteel consultancy's latest survey showed iron ore dispatched from Australia and Brazil fell for the second week over Dec. 7-13 by another 1 million tonnes from the prior week.
Published December 16, 2020
Follow us

MANILA: Dalian iron ore breached the 1,000-yuan mark on Wednesday on optimism over demand for the steelmaking raw material and as traders fretted about supply in top steel producer China due to some disruptions in Australia.

The most-traded May iron ore contract on China's Dalian Commodity Exchange climbed 2.5% to 1,003 yuan ($153.32) a tonne by 0251 GMT.

Iron ore on the Singapore Exchange rose 0.3% to $153.74 a tonne.

"From the fundamentals perspective, steel margins are still good, at least for industrial materials including hot-rolled coil," said Richard Lu, senior analyst at CRU Group in Beijing.

"That's why the Chinese hot metal production is elevated, despite a marginal fall in recent weeks due to mill maintenance and stricter operating restrictions in some regions," he said.

Iron ore arrivals to China are expected to slow down, Lu added, citing some disruptions in Australia.

Mysteel consultancy's latest survey showed iron ore dispatched from Australia and Brazil fell for the second week over Dec. 7-13 by another 1 million tonnes from the prior week.

However, Lu said the market bulls and bears are expected to slug it out at about the 1,000-yuan mark, which was breached on Friday for the first time ever due to what some analysts had described as strong speculative interest in iron ore.

China's steel producers have called for a regulatory probe into the skyrocketing prices and a crackdown on any wrongdoing.

Comments

Comments are closed.

Dalian iron ore breaches 1,000 yuan/T on demand view, supply fears

Imran Khan seeks power even if it undermines country's foundations: PM Shehbaz

Pakistan 'verifying reports' over IS-K claiming attack on Kabul embassy

CM Punjab Parvez Elahi says 'Gen Bajwa showed us way towards PTI'

Fawad says PTI ‘preparing for elections’ as Imran withdraws offer for talks

Tweets case: Quetta court approves Azam Swati’s five-day physical remand

Russia will not export oil subject to Western price cap, says deputy PM

PTI in front seat in second phase of AJK local govt polls

Air pollution hurts Bangladesh GDP as well as health: World Bank

India plans federal oversight of all real-money online games

PM Shehbaz felicitates people of Sindh on culture day celebrations