Tuesday, 29 November 2011
Spot iron ore prices are likely to extend losses this week as lean steel demand in top consumer China may limit appetite for the raw material, with sellers cutting prices further on Monday. Iron ore with 62 percent iron content dropped half a percent to $140.40 a tonne on Friday, according to the Steel Index .IO62-CNI=SI, putting its weekly loss at 4.8 percent. It was iron ore's first weekly drop in four weeks.
"The price will continue to slide this week. Sentiment hasn't really changed much, steel demand in China is still very limited," said an iron ore trader in Shanghai.
Offer prices of imported iron ore in China fell by another dollar per tonne on Monday, with Australian Neman fines quoted at $139-$141 a tonne, cost and freight and MAC fines at $133-$135, said Chinese consultancy Umetal.
Australian Pilbara iron ore fines were offered at $135-$137 a tonne and Indian 63.5/63 grade fines were quoted at $143-$146, said Umetal.
Iron ore prices fell to 22-month lows below $117 a tonne in late October when thin Chinese steel demand slashed the appetite for the steelmaking ingredient.
But traders said prices are unlikely to go into freefall again as supplies remain tight.
"The big miners are not putting too many cargoes in the spot market, supply from India has been reduced dramatically and a lot of traders are holding on to their cargoes, waiting for prices to recover before they sell," said a physical iron ore trader in Singapore.
Rio Tinto , the world's No. 2 iron ore miners, warned on Monday that further cracks may be emerging in global commodities markets as the economies of Europe and the United States waver, with its customers increasingly cautious on the outlook.
Prices of iron ore, copper and aluminium -- among Rio's biggest income earners -- have tumbled by more than 20 percent each since August as stockpiles of unused metal swell in warehouses from Rotterdam to New Orleans to Shanghai.
BHP Billiton , the third biggest iron ore producer, expects China's steel output to continue at current rates, below historical highs, for some time.
"When we talk to our Chinese customers there is not a sentiment that the operating rate in the steel industry will improve or change dramatically over the next little while," Chief Executive Marius Kloppers said on a conference call.
Source: Reuters
Showing posts with label Chinese iron ore importers. Show all posts
Showing posts with label Chinese iron ore importers. Show all posts
Tuesday, November 29, 2011
Wednesday, August 17, 2011
Number of China’s qualified iron ore importers cut to 105
Wed,August17,2011
(sourced steelorbis)
The number of China's qualified iron ore importing enterprises has been cut from 108 to 105, as reported by China-based newspaper First Financial Daily on August 15.
In 2005, the China Iron & Steel Association (CISA) and the China Chamber of Commerce for Metals, Mineral and Chemicals Importers and Exporters (CCMCC) cut the number of qualified iron ore importing enterprises in China from 500 to 118. Two years later, the number of qualified iron ore importing enterprises in China was reduced further to 112, while the number was subsequently cut again to 108.
In 2005, the China Iron & Steel Association (CISA) and the China Chamber of Commerce for Metals, Mineral and Chemicals Importers and Exporters (CCMCC) cut the number of qualified iron ore importing enterprises in China from 500 to 118. Two years later, the number of qualified iron ore importing enterprises in China was reduced further to 112, while the number was subsequently cut again to 108.
(sourced steelorbis)
Thursday, August 11, 2011
China July iron ore imports up by 7pct from June
Thursday, 11 Aug 2011
Reuters quoted data from the country customs authority showed recently that China imports of iron ore rose 6.8% to 54.55 million tonnes in July with restocking and an increase in seaborne supplies taking the figure to its highest point in four months.
With crude steel output still hovering above 1.9 million tonnes a day, China mills have been keen to replenish their iron ore inventories after letting them dwindle in the last few months but imports remain quite a bit short of their record.
An iron ore trader in Shandong said "Steel mills picked up buying in July, but the gains have been capped as steel mills have been trying to keep their inventories low."
Mr Graeme Train steel analyst with Macquarie in Shanghai said credit restrictions have made it difficult for end users and traders to raise their stocks significantly and the steady increase in the amount of available supplies has been a bigger driver of import growth in July.
He said that "We have seen a gradual improvement in shipments from Australia and Brazil after a pretty poor performance in the first quarter and early second quarter and this is being reflected in the data."
Mr Graeme Train said "The Chinese are always trying to get hold of any material they can and this (July figure) reflects that there is more available."
Global miners have been banking on rising long term demand from China their biggest customer to support their capacity expansion plans.
(Sourced from Reuters)
Reuters quoted data from the country customs authority showed recently that China imports of iron ore rose 6.8% to 54.55 million tonnes in July with restocking and an increase in seaborne supplies taking the figure to its highest point in four months.
With crude steel output still hovering above 1.9 million tonnes a day, China mills have been keen to replenish their iron ore inventories after letting them dwindle in the last few months but imports remain quite a bit short of their record.
An iron ore trader in Shandong said "Steel mills picked up buying in July, but the gains have been capped as steel mills have been trying to keep their inventories low."
Mr Graeme Train steel analyst with Macquarie in Shanghai said credit restrictions have made it difficult for end users and traders to raise their stocks significantly and the steady increase in the amount of available supplies has been a bigger driver of import growth in July.
He said that "We have seen a gradual improvement in shipments from Australia and Brazil after a pretty poor performance in the first quarter and early second quarter and this is being reflected in the data."
Mr Graeme Train said "The Chinese are always trying to get hold of any material they can and this (July figure) reflects that there is more available."
Global miners have been banking on rising long term demand from China their biggest customer to support their capacity expansion plans.
(Sourced from Reuters)
Friday, March 18, 2011
Iron Ore-Prices rise for first time in a month as buyers return
Fri Mar 18, 2011 3:34am GMT
* Falling ore stockpiles spur Chinese buying
* Forward swaps extend gains
By Manolo Serapio Jr
* Falling ore stockpiles spur Chinese buying
* Forward swaps extend gains
By Manolo Serapio Jr
SINGAPORE, March 18 (Reuters) - Spot iron ore prices rose for the first time in a month and offers remained firm on Friday as Chinese steel mills returned to the market to replenish
dwindling stockpiles.
Prices for the steelmaking raw material had fallen 15 percent since hitting record highs near $200 a tonne in mid-February as rising raw material cost and slow steel demand turned off top buyer China.
But some Chinese mills are looking at increasing steel exports to the region as production at quake-hit Japan could slow and domestic demand may spike when reconstruction starts.
Japan was Asia's biggest steel exporter last year.
"We had always thought that the dearth of Chinese buying in recent weeks would not last - steel production rates continue to record new highs and iron ore stocks can only sustain production
for perhaps a month or two," Commonwealth Bank of Australia said in a note.
China's daily crude steel output rose 0.5 percent from January to a record high of 1.94 million tonnes in February.
Inventories of imported iron ore at major Chinese ports fell to 80.4 million tonnes last week after climbing above 81 million tonnes towards the end of February.
Iron ore indexes, based on spot transactions in China and which global miners use in determining quarterly contract prices, rose on Thursday, the first uptick since they touched record peaks in mid-February.
The Steel Index's 62 percent benchmark .IO62-CNI=SI rose 30 cents to $163.90 a tonne, including freight, and Platts' 62 percent index IODBZ00-PLT jumped $1.50 to $166.50.
Metal Bulletin's 62 percent gauge.IO62-CNO=MB edged up 60 cents to $163.49.
Those gains may be sustained on Friday as offers from sellers remained firm, with Indian 63.5 percent iron ore quoted at $170-$172 a tonne, according to Chinese consultancy Mysteel.
"Sentiment is improving and there are more inquiries," Mysteel said.
"Iron ore buyers have come back because a lot of Chinese steel mills are very, very low on iron ore inventory and they now need to buy to sustain themselves," said an iron ore trader
in Shanghai.
"But will they come buy and disappear again which would make the price slide further or will they stay for sometime which will help prices rebound? That is still an unanswered question."
Further gains in iron ore forward swap prices on Thursday suggested confidence is slowly returning to the market.
The Singapore Exchange-cleared April contract climbed 3 percent to $157.80 a tonne, May rose 2 percent to $154.80 and June gained 1.8 percent to $152.40.
(Reporting by Manolo Serapio Jr.; Editing by Manash Goswami,sourced:Reuters)
dwindling stockpiles.
Prices for the steelmaking raw material had fallen 15 percent since hitting record highs near $200 a tonne in mid-February as rising raw material cost and slow steel demand turned off top buyer China.
But some Chinese mills are looking at increasing steel exports to the region as production at quake-hit Japan could slow and domestic demand may spike when reconstruction starts.
Japan was Asia's biggest steel exporter last year.
"We had always thought that the dearth of Chinese buying in recent weeks would not last - steel production rates continue to record new highs and iron ore stocks can only sustain production
for perhaps a month or two," Commonwealth Bank of Australia said in a note.
China's daily crude steel output rose 0.5 percent from January to a record high of 1.94 million tonnes in February.
Inventories of imported iron ore at major Chinese ports fell to 80.4 million tonnes last week after climbing above 81 million tonnes towards the end of February.
Iron ore indexes, based on spot transactions in China and which global miners use in determining quarterly contract prices, rose on Thursday, the first uptick since they touched record peaks in mid-February.
The Steel Index's 62 percent benchmark .IO62-CNI=SI rose 30 cents to $163.90 a tonne, including freight, and Platts' 62 percent index IODBZ00-PLT jumped $1.50 to $166.50.
Metal Bulletin's 62 percent gauge.IO62-CNO=MB edged up 60 cents to $163.49.
Those gains may be sustained on Friday as offers from sellers remained firm, with Indian 63.5 percent iron ore quoted at $170-$172 a tonne, according to Chinese consultancy Mysteel.
"Sentiment is improving and there are more inquiries," Mysteel said.
"Iron ore buyers have come back because a lot of Chinese steel mills are very, very low on iron ore inventory and they now need to buy to sustain themselves," said an iron ore trader
in Shanghai.
"But will they come buy and disappear again which would make the price slide further or will they stay for sometime which will help prices rebound? That is still an unanswered question."
Further gains in iron ore forward swap prices on Thursday suggested confidence is slowly returning to the market.
The Singapore Exchange-cleared April contract climbed 3 percent to $157.80 a tonne, May rose 2 percent to $154.80 and June gained 1.8 percent to $152.40.
(Reporting by Manolo Serapio Jr.; Editing by Manash Goswami,sourced:Reuters)
Thursday, March 17, 2011
Iron Ore-Spot stabilises after falls as steel prices gain
Thu Mar 17, 2011 7:19am GMT
* Hopes of increased steel demand after Japan quake
* Indian 63.5 pct ore quoted at $170-$172/tonne
* Iron ore unlikely to hit $192 again this year-analyst
* China 2011 iron ore imports seen up 6 pct (Updates Shanghai rebar prices)
By Manolo Serapio Jr
SINGAPORE, March 17 (Reuters) - Spot iron ore prices stabilised on Thursday as steel prices in top producer China bounced back after recent losses, backed by hopes Beijing can export more overseas when quake-hit Japan begins reconstruction.
Japan overtook China as Asia's biggest steel exporter last year. But shipments from Tokyo may slow when the country focuses its output on rebuilding, opening a gap that may be filled by China as well as South Korea, Japan's biggest customer.
"Sentiment is slightly getting better because steel prices are moving up. We have more inquiries from the steel mills although purchases have not picked up yet," said an iron ore trader in Shanghai.
"Chinese mills are thinking they might have a good chance to sell their products and people are anticipating steel demand to pick up after the Japan disaster."
Power outages in Japan following last Friday's ferocious earthquake and tsunami will hit output of the world's second-largest producer and boost demand for China's steel products, a former official of the China Iron and Steel Association said on Thursday.
Spot steel prices have been slowly rising after dropping for two weeks, with steel billet in Tangshan up more than 80 yuan per tonne this week, said the Shanghai trader.
Shanghai steel rebar futures have rebounded 3.8 percent since hitting four-month lows on Monday. The most active October contract on the Shanghai Futures Exchange closed at 4,817 yuan a tonne on Thursday, down a modest 0.3 percent.
"Steel has pushed up in the last few days and these levels give the mills a very healthy margin," said an iron ore trader in Singapore.
Iron ore imports by top buyer China are forecast to rise 6 percent this year from nearly 619 million tonnes in 2010 on higher steel output, said an official from China's mining association.
MORE DOWNSIDE SEEN
Offers for Indian ore with 63.5 percent iron content were steady at $170-$172 a tonne on Thursday, including freight, traders and Chinese consultancy Mysteel said.
But some analysts say iron ore prices could drop further in the near term on weaker demand from Japanese mills before a rebound that may be capped.
"Japanese steel mills will reduce their purchases in the short term which poses further downside risk in the seaborne market," said Henry Liu, regional head of commodity research at Mirae Asset Securities in Hong Kong.
"We expect iron ore prices to rebound once steel demand recovers. However, it is unlikely to hit $192 per tonne again this year."
Spot iron ore prices had been falling since hitting a record high near $200 a tonne in mid-February as top buyer China slowed purchases after steel prices dropped.
Key iron ore indexes, which global miners use in setting quarterly contract rates, were steady to lower on Wednesday, while forward swaps jumped after a recent selloff.
Platts' 62 percent iron ore index IODBZ00-PLT was unchanged at $165 a tonne. That was previously the lowest for the index since Nov. 25.
Steel Index's 62 percent benchmark .IO62-CNI=SI slipped $1.10 to $163.60, a level not seen since Nov. 19. Metal Bulletin's 62 percent gauge .IO62-CNO=MB eased a dollar to $162.89, its weakest since Dec. 6.
Singapore Exchange-cleared forward swap prices rebounded although they remained at steep discount to spot prices. The April contract rose more than 4 percent to $153.33 a tonne and May climbed 3.6 percent to $151.58. (Additional reporting by Ruby Lian in Shanghai Editing by Ed Lane,sourced:Reuters)
* Indian 63.5 pct ore quoted at $170-$172/tonne
* Iron ore unlikely to hit $192 again this year-analyst
* China 2011 iron ore imports seen up 6 pct (Updates Shanghai rebar prices)
By Manolo Serapio Jr
SINGAPORE, March 17 (Reuters) - Spot iron ore prices stabilised on Thursday as steel prices in top producer China bounced back after recent losses, backed by hopes Beijing can export more overseas when quake-hit Japan begins reconstruction.
Japan overtook China as Asia's biggest steel exporter last year. But shipments from Tokyo may slow when the country focuses its output on rebuilding, opening a gap that may be filled by China as well as South Korea, Japan's biggest customer.
"Sentiment is slightly getting better because steel prices are moving up. We have more inquiries from the steel mills although purchases have not picked up yet," said an iron ore trader in Shanghai.
"Chinese mills are thinking they might have a good chance to sell their products and people are anticipating steel demand to pick up after the Japan disaster."
Power outages in Japan following last Friday's ferocious earthquake and tsunami will hit output of the world's second-largest producer and boost demand for China's steel products, a former official of the China Iron and Steel Association said on Thursday.
Spot steel prices have been slowly rising after dropping for two weeks, with steel billet in Tangshan up more than 80 yuan per tonne this week, said the Shanghai trader.
Shanghai steel rebar futures have rebounded 3.8 percent since hitting four-month lows on Monday. The most active October contract on the Shanghai Futures Exchange closed at 4,817 yuan a tonne on Thursday, down a modest 0.3 percent.
"Steel has pushed up in the last few days and these levels give the mills a very healthy margin," said an iron ore trader in Singapore.
Iron ore imports by top buyer China are forecast to rise 6 percent this year from nearly 619 million tonnes in 2010 on higher steel output, said an official from China's mining association.
MORE DOWNSIDE SEEN
Offers for Indian ore with 63.5 percent iron content were steady at $170-$172 a tonne on Thursday, including freight, traders and Chinese consultancy Mysteel said.
But some analysts say iron ore prices could drop further in the near term on weaker demand from Japanese mills before a rebound that may be capped.
"Japanese steel mills will reduce their purchases in the short term which poses further downside risk in the seaborne market," said Henry Liu, regional head of commodity research at Mirae Asset Securities in Hong Kong.
"We expect iron ore prices to rebound once steel demand recovers. However, it is unlikely to hit $192 per tonne again this year."
Spot iron ore prices had been falling since hitting a record high near $200 a tonne in mid-February as top buyer China slowed purchases after steel prices dropped.
Key iron ore indexes, which global miners use in setting quarterly contract rates, were steady to lower on Wednesday, while forward swaps jumped after a recent selloff.
Platts' 62 percent iron ore index IODBZ00-PLT was unchanged at $165 a tonne. That was previously the lowest for the index since Nov. 25.
Steel Index's 62 percent benchmark .IO62-CNI=SI slipped $1.10 to $163.60, a level not seen since Nov. 19. Metal Bulletin's 62 percent gauge .IO62-CNO=MB eased a dollar to $162.89, its weakest since Dec. 6.
Singapore Exchange-cleared forward swap prices rebounded although they remained at steep discount to spot prices. The April contract rose more than 4 percent to $153.33 a tonne and May climbed 3.6 percent to $151.58. (Additional reporting by Ruby Lian in Shanghai Editing by Ed Lane,sourced:Reuters)
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