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Cliffs Natural Resources Inc. Message Board

  • jimjones62@rocketmail.com jimjones62 Jan 22, 2013 11:14 AM Flag

    iron ore futures higher

    MB Iron Ore Index up on buying interest, tight supply
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    The Metal Bulletin Iron Ore Index for 62% Fe material rose by $2.81 to $148.07 per tonne on Tuesday January 22.
    Index of spot market Iron Ore prices delivered to China, normalized to Qingdao and 62% Fe US $ per tonne Daily
    Steel mills still looking to add stocks to their warehouses before the Chinese New Year in early February have sparked an increase in transaction volumes and a rise in the index price for spot iron ore.

    Tightness in supplies has also supported prices. This was caused by today’s closure of Australia’s main iron ore export terminal at Port Hedland because of a cyclone, and by port congestion in northern China preventing ships from unloading iron ore.

    “Market participants rushed to buy iron ore once a cargo was released, which shows that many still expect iron ore prices to rise further,” an iron ore trader in Shanghai said.

    There is limited downward pressure on spot iron ore prices in the short term, although some market participants predict that pressure will build as prices approach $150 per tonne.

    Sentiment: Strong Buy

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    • jimjones62@rocketmail.com jimjones62 Jan 22, 2013 11:15 AM Flag

      Raw Materials Trade Log, January 22, 2013
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      Latest transaction: iron ore swaps

      Iron ore swaps
      Jan $150.50
      Feb $145, $145.50, $146, $146.50, $147
      Mar $140, $142, $142.50, $143.50
      Q2 $135, $136, $136.50
      Q3 $129, $130
      Q4 $124.50
      Feb/Mar $4, $4.25, $4.50
      Feb/Q2 $10.50
      Collected by 6:30pm Singapore time.

      Coking coal
      Australian premium hard coking coal, $180 per tonne cfr China.

      Australian coking coal, 25% volatile matter, 10% ash, laycan February, a few Panamax cargoes, $175 per tonne cfr China.

      Iron ore
      FMG special fines, 20,000 tonnes, Rizhao port, traded at 900 yuan ($143) per tonne on China Beijing International Mining Exchange (CBMX) via electronic bidding.

      FMG special fines, 20,000 tonnes, Rizhao port, traded at 900 yuan per tonne on CBMX via electronic bidding.

      58% Australian fines, 90,000 tonnes, laycan February 11-20, traded at $139 per tonne cfr on CBMX.

      65% Brazilian fines, 190,000 tonnes, March delivery, offered at $160 per tonne cfr on Global Ore.

      Sentiment: Strong Buy

 
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