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17 April 2015
Indian industry body Assocham has called for the state-run National Mineral Development Corp (NMDC) to cut its iron ore prices by 25% to make the domestic steel industry more competitive.
Iron ore and metallurgical coal prices will remain depressed until at least the end of 2016, Moody’s Investors Service said on Friday April 17.
International over-the-counter iron ore prices managed to rise on Friday April 17, although the seaborne market remained inactive.
Spot 62% Fe iron ore prices pushed up on Friday April 17 as port stockpile levels went down for a third week.
Activity in the seaborne iron ore market remained subdued on Friday April 17, with just a handful of traders raising offers, while inventory levels at major Chinese ports fell for a third week in a row.
China’s steel futures edged down in early trading on Friday April 17 following decreases in the physical iron ore market a day earlier.
China has temporarily waived the value-added tax on iron ore delivery against futures contracts on the Dalian Commodity Exchange, effective from April 1.
16 April 2015
Spot 62% Fe iron ore prices dropped marginally on Thursday April 16 as buyers remained cautious about committing to new purchases.
International over-the-counter (OTC) iron ore prices edged up on Thursday April 16, despite a quiet seaborne market.
There was little activity in the seaborne iron ore market on Thursday April 16, with few deals concluded due to a lack of clarity over the price direction.
Australia’s Fortescue Metals Group (FMG) shipped 40.4 million tonnes of iron ore during the first quarter of 2015, as it raised its sales guidance to 160-165 million tonnes for the 2015 financial year.
China’s steel futures edged up in early trading on Thursday April 16, while iron ore and coking coal paper contracts were largely flat as the market absorbed the latest key economic data.
15 April 2015
Brazilian iron ore producer MMX has ended an energy supply contract with electricity generation company Eneva.
Spot 62% Fe iron ore prices moved down marginally on Wednesday April 15 as trading stalled on weak futures prices.
International over-the-counter iron ore prices fell on Wednesday April 15 as sentiment cooled in the seaborne market.
Traders returned to the seaborne iron ore market on Wednesday April 15 to offer material after two days’ absence, although sentiment was subdued due to a downward futures curve.
China’s steel and steelmaking raw materials futures fell on Wednesday April 15, amid weak economic data.
14 April 2015
Russian steel producer and miner Severstal saw its sales of iron ore concentrate, iron ore pellet and coking coal concentrate fall year-on-year in the first quarter of 2015, the company said on Tuesday April 14.
Production cuts and import restrictions will stabilise steel prices in the current quarter, although they will remain subdued, Sucden Financial said in its quarterly metals report on Tuesday April 14.
Spot 62% Fe iron ore prices crept back above $50 per tonne on Tuesday April 14 as traders withdrew seaborne offers in expectation of further price increases.
Sinosteel Midwest (SMC) will suspend mining operations at its Blue Hills hematite iron ore project in Western Australia in mid-May due to the rapid decline in iron ore prices, it has announced.
The international over-the-counter iron ore market saw 62% Fe prices rise on Tuesday April 14, in anticipation of further rises in the seaborne market, coupled with rising ferrous future prices on the Dalian Commodities Exchange.
Traders on the seaborne iron ore market continued to withdraw their offers on Tuesday April 14 in anticipation of further price increases on the back of stronger futures.
China’s domestic hot rolled coil prices recovered some lost ground on Tuesday April 14, as transactions improved a little following a rebound in the futures market the previous day.
Australian iron ore producer Fortescue Metals Group has rolled over its price adjustments for May deliveries, according to trading sources in China.
Australia’s Fortescue Metals Group (FMG) has been forced to implement new cost cutting measures amid “ongoing weakness” in the iron ore market.
Citi is expecting prices for 62% Fe iron ore to average below $40 per tonne cfr China in the second half of 2015, one of the most bearish forecasts of late amid weak fundamentals.
China’s steel and steelmaking raw materials futures strengthened slightly on Tuesday April 14 following gains in the iron ore market a day earlier.
13 April 2015
Credit rating agency Standard & Poor’s (S&P) has revised its iron ore price assumptions downward for 2015-17 and will review major iron ore producers’ ratings in the next few weeks.
This week, Metal Bulletin Research (MBR) takes a look at the intensified competition among iron ore suppliers, and their future prospects.
Spot 62% Fe iron ore prices showed signs of recovery on Monday April 13 as the most recent downturn appears to have ended.
International over-the-counter iron ore prices rose on Monday April 13, prompted by a rise in iron ore futures prices on the Dalian Commodities Exchange in late trading.
The seaborne iron ore market showed some signs of recovery on Monday April 13, as futures surged to the daily limit while traders stepped up buying activity.
China’s steel and steelmaking raw materials futures experienced little change after the release of preliminary Chinese customs data for March, and continue to hover close to their record lows.
China’s iron ore imports surged 9% year-on-year in March as prices remain at record lows while major mining companies continue to increase output.
10 April 2015
Editor Vera Blei looks at the main news covered by Steel First over the past week.
Diversified miner Vedanta Resources expects to restart iron ore mining in the Indian state of Goa after the monsoon season ends in October this year, it said on Friday April 10.
Spot 62% Fe iron ore prices dropped on Friday April 10 as port stockpile levels went down for a second week.
The international over-the-counter iron ore market saw choppy trading on Friday April 10, although the prices of mainland China derivatives contracts plunged to new depths.
Seaborne iron ore prices continued to hold steady on Friday April 10, as inventory levels at major Chinese ports fell for a second week in a row.
Australian junior miner Atlas Iron looks set to become the latest victim of crashing iron ore prices, after it announced a progressive shut down of its mining operations, followed by a halt in exports.
China’s steel and steelmaking raw materials futures hit new record lows on Friday April 10, as a weak physical market and disapointing economic data compounded bearish sentiment for the country’s steel industry.
09 April 2015
Canadian miner Labrador Iron Mines (LIM) has started a court-supervised restructuring process and sold its share in the Howse project amid continued financing difficulties.
Spot 62% Fe iron ore prices made gains on Thursday April 9, despite a slowdown in purchasing activity.
International over-the-counter iron ore prices edged down on Thursday April 9, although the seaborne market remained stable.
Seaborne iron ore prices were largely stagnant on Thursday April 9, with buyers continuing to actively make enquiries but stopping short of actually committing to any purchases.
BC Iron’s Nullagine joint venture (NJV) shipped a total of 1.46 million wet metric tonnes (wmt) of iron ore during the first quarter of 2015, compared with 1.22 million wmt a year earlier.
China has announced it will reduce the resource tax on iron ore in a bid to help domestic miners amid slumping global prices.
China’s steel and steelmaking raw materials futures traded in a tight range on Thursday April 9, as the market was cool to news of government legislation to help the country’s iron ore miners.
08 April 2015
Investment bank Jefferies has downgraded its full-year 2015 forecast for the average price of iron ore to $56 per tonne cfr China from $68 per tonne amid weak fundamentals.
Spot 62% Fe iron ore prices dipped slightly on Wednesday April 8 as trading activity increased.
International over-the-counter iron ore prices continued to rise on Wednesday April 8 amid more trades heard on the physical market.
Trading activity picked up in the seaborne iron ore market on Wednesday March 8, following small gains in the iron ore paper market.
The Chinese government is mulling over new subsidies for the country’s domestic iron ore miners and will announce them in mid-April, according to a report by the China Securities Journal.
The United Nation Economic Commission for Latin America and the Caribbean (Eclac) has reduced its growth estimates for the region in 2015.
China’s steel and steelmaking raw materials futures plunged to historic lows on Wednesday April 8 amid a weak physical market and persistent bearish sentiment.
07 April 2015
Steelmakers in Kazakhstan expect to increase their iron ore pellet export volumes to Iran if sanctions against the latter country are lifted later this year.
International over-the-counter iron ore prices rose on Tuesday April 7, after Chinese market participants came back from three-day break with increased numbers of enquiries and trades in the seaborne market.
Spot 62% Fe iron ore prices picked up on Tuesday April 7 as Chinese buyers returned to the market.
Trading activity picked up in the seaborne iron ore market on Tuesday April 7, after China returned from a three-day public holiday, with deals concluded at higher levels.
The China Iron & Steel Assn (Cisa) expects the iron ore market to remain weak in the near term.
China’s Baotou Iron & Steel will test a 300kg bulk iron ore sample from Centrex Metals’ Kimba Gap magnetite project in South Australia, following the inking of a pact between the two.
Iron ore output at Peruvian miner Shougang Hierro Perú rose by 6.8% year-on-year in February.
China’s steel and steelmaking raw materials futures largely weakened on Tuesday April 7, as participants returned from a three-day break.
Brazilian iron ore exports to China increased by 20.8% year-on-year in March, according to figures released by the country’s foreign trade ministry, MDIC, on Monday April 6.
Australia’s Atlas Iron has requested that its shares be suspended from quotation on the Australian Securities Exchange as it awaits the outcome of a review of its business amid a slump in iron ore prices.
06 April 2015
The international over-the-counter iron ore market saw thin trading on Monday April 6, with participants in China and the UK away for the Tomb-Sweeping Day and Easter Monday holidays.
Iron ore exports out of Australia’s Port of Port Hedland saw a month-on-month increase of 3% in March, according to figures released by the Pilbara Ports Authority on Thursday April 2.
03 April 2015
China’s steel and raw materials futures were largely rangebound on Friday April 3 as spot prices remained under pressure and trade slowed ahead of a public holiday in the country.
02 April 2015
Editor Vera Blei looks at the main news covered by Steel First over the past week.
Swedish miner LKAB has been granted the final permit needed to restart mining at the Leveäniemi open pit and to put the company’s wider iron ore expansion plan into motion.
The publication of Steel First’s price assessments will be affected by the Easter holidays in the UK and elsewhere from Friday April 3 to Monday April 6.
The economic signals from China have been mixed since the beginning of the year.
Ukraine-focused iron ore producer Ferrexpo saw its total first-quarter pellet output increase by 2.5% year-on-year to 2.89 million tonnes, it said on Thursday April 2.
Spot 62% Fe iron ore prices dropped heavily again on Thursday April 2 amid increasing numbers of enquiries.
International over-the-counter iron ore prices dropped on Thursday April 2, as limited trading activity was heard in the seaborne market.
Trading in the seaborne iron ore market was limited on Thursday April 2 after prices fell below the $50-per-tonne mark a day earlier, though enquiries have picked up.
BC Iron will terminate its service contract with Watpac for its Nullagine joint venture (NJV) project three months ahead of schedule as it continues with its cost-cutting drive in the face of slumping iron ore prices.
China’s steel and steelmaking raw materials futures dived on Thursday April 2 as spot iron ore prices plummeted below $50 per tonne cfr and the market absorbed disappointing economic data.
01 April 2015
New Brazilian miner Manabi has reported a 733 million Reais ($227.2 million) impairment on its iron ore projects due to poor market conditions.
Vale has closed the sale of 49% of its stake in the Belo Monte hydro-electric project, in Brazil’s northern Pará state, to local energy firm Cemig Geração e Transmissão (Cemig GT), it announced on Wednesday April 1.
Brazilian iron ore export volumes increased by 25.8% year-on-year in March, according to figures released by the country’s foreign trade ministry, MDIC, on Wednesday April 1.
Australian junior miner BC Iron will receive royalty assistance worth A$8-12 million ($6-9 million) on iron ore production from its Nullagine Joint Venture (NJV), the miner said on Wednesday April 1.
Spot 62% Fe iron ore prices sank to another new record low of less than $50 per tonne on Wednesday April 1.
International over-the-counter iron ore prices continue to slide on Wednesday April 1, as participants held a bearish outlook on the market.
The seaborne iron ore market saw deals concluded under $50 per tonne cfr on Wednesday afternoon, amid a drop in swaps prices.
China’s steel and steelmaking raw materials futures saw little movement on Wednesday April 1 after weak economic data, news of more capacity cuts and plunging iron ore prices kept the mood subdued.
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16-17 April 2015
12-13 May 2015