Australia accounted for 58% of the world's total seaborne iron ore supply in 2019, according to the World Steel Association, much of which is exported to China. Last month, China slapped 200% tariffs on Australian wine — for which China is the largest export market — on top of new sanctions on Australian beef, coal, copper, sugar, seafood and timber. Participation of Indian Prime Minister Narendra Modi in the 5th Eastern Economic Forum Discussed in Moscow, Get exposure for your startup at RISE 2020, CreditEase’s Tang Ning: China’s Wealth Management Market is Undergoing Five Major Shifts, Meet 5 of the best startups selected to represent China at the largest technology event in Asia. 3:53. Exchange Notices. Steelmakers usually stock up on raw materials ahead of the New Year and Chinese New Year, said Cai Yongzheng, chief futures analyst of Nanjing Iron and Steel Co. Ltd. Valemax ships are a fleet of very large ore carriers (VLOC) owned or chartered by the Brazilian mining company Vale S.A. to carry iron ore from Brazil to European and Asian ports. The most actively traded contract for China’s benchmark iron ore futures, traded on Dalian Commodity Exchange, surge over 7.0% on early Friday to refresh the record high near $150.00. The most actively traded contract for … The 62% MySteel index rose $1.45 to $126.80. Benchmark spot prices were at $157.45, the highest since … All Rights Reserved. While the turbulent Australian weather may be more short term, Hedborg highlighted that the first quarter is typically more prone to weather disruption from events such as tropical cyclones. The most actively traded iron ore futures contract on the Dalian Commodity Exchange, for May delivery, soared nearly 7% to 971 yuan ($148) per ton, the highest since the exchange launched iron ore futures in 2013. Related: China Trade Bans Spread to Big Australian Lamb Exporters. Iron ore on China’s Dalian Commodity Exchange ended daytime trading up 1.1% at 911.50 yuan ($138.36) a tonne, after hitting a high of 919 yuan earlier in the session. Iron ore is a raw material used to make steel, which itself is utilized in the creation of high-rise buildings and mass transit systems. A confluence of dwindling iron ore supply, surging steel demand and potential short-term disruptions caused by storms hitting Western Australia have led commodity analysts to raise concerns. Intraday futures prices are delayed 10 minutes, per exchange rules, and are listed in CST. What’s new: China’s benchmark iron ore futures surged Thursday to record highs, boosted by steelmakers’ seasonal demand ahead of the holiday season. Canopy Growth's beverage boss to exit; 220 staff laid off . The most actively traded iron ore futures contract on the Dalian Commodity Exchange, for May delivery, soared nearly 7% to 971 yuan ($148) per ton, the highest since the exchange launched iron ore futures in 2013. The most-traded iron ore for January delivery on China’s Dalian Commodity Exchange dropped 0.1 percent to 905 yuan ($137.57) a ton by […] Singapore — The Dalian Commodity Exchange has imposed a limit of 15,000 lots per day on trading of its September iron ore futures contract and 10,000 lots per day on its January futures contract -- the exchange's most actively traded iron ore contracts -- with effect from Aug. 5, according to a notice the exchange released on Aug. 4. The most actively traded iron ore futures on the Dalian Commodity Exchange, for May delivery, soared as much as 7.3% to 976 yuan ($149.10) per tonne, before closing up 6.8% at 971 yuan. Iron ore futures on China's Dalian Commodity Exchange surged by almost 10% on Friday to an all-time high, crossing the 1,000 yuan ($152.95) per ton mark for the first time in history. A group of Chinese steel producers on Friday called on the country's market regulator and securities regulator to investigate the recent spike in iron ore prices, according to Reuters, claiming they had "deviated from the supply and demand fundamentals.". Iron ore on China's Dalian Commodity Exchange closed 0.8% down at 832.50 yuan ($125.67) a tonne. Lower supply estimates from Vale, the world's second-largest iron ore producer, have furthered these fears, with the Brazilian company recently curbing its 2020 production guidance and reducing its guidance for next year. DALIAN IRON ORE: Rio Tinto to launch e-platform for tenders Rio Tinto is planning to launch an e-platform to allow its iron ore tender process to become more seamless for participants, Simon Farry, vice president sales and marketing iron ore, Rio Tinto said on Thursday September 20. 3:43. When economies are growing, the need for steel in construction increases which drives the price up. The active January contract on the Dalian Commodities Exchange is … Dalian iron-ore futures soar nearly 4.0% to 8.0% for most contracts. Other contracts for November, December, January, February and March delivery jumped by 3.75% to 8.23% to record highs. Erik Hedborg, senior analyst at commodity firm CRU, told CNBC Friday that China's strong economic performance and infrastructure stimulus had led to a surge in demand, running down already-low inventories and tightening market conditions. The Dalian Commodity Exchange said it would increase the minimum trading margin requirements for May iron ore futures from 11% to 15% starting Monday, meaning investors shorting iron ore futures have to deposit extra funds by the end of Friday to avoid a forced sale of their positions. Other contracts for November, December, January, February and March delivery jumped by 3.75% to 8.23% to record highs.
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