Friday, September 29, 2023
HomeHeadlinesChina iron ore futures jump nearly 7%

Subscribe

To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

China iron ore futures jump nearly 7%

Benchmark iron ore futures in China surged some 7% on Monday, tracking their biggest daily jump in two-and-a-half months, after India increased export duties on some commodities to rein in broadening inflationary pressures.

Asia’s third-largest economy raised export duties for iron ore and steel intermediates, with new iron ores and concentrates tariffs increased to 50% from 30% and duties on pellets hiked to 45% from zero. The government also removed import tariffs for coking coal and coke.

India is one of the major non-mainstream iron ore suppliers for China, accounting for nearly 3% of China’s total imports in 2021.

However, China’s purchase from the country fell sharply in the first four months of this year due to increasing demand in India and falling iron ore prices.

“Impact from the changes in iron ore export tariffs in India is not that significant,” said Cheng Peng, an analyst with SinoSteel Futures.

“The key issue is on the supply side, and that would have bigger impact on market expectations (that India could offset disruptions caused by the Ukraine-Russia conflict).”

The most-traded iron ore futures on the Dalian Commodity Exchange DCIOcv1, for September delivery, closed up 4.4% at 864 yuan ($129.65) per tonne, after rising as much as 6.9% to 884 yuan, their highest May 6, in early trade.

Singapore iron ore futures SZZFM2, for June delivery, edged up 0.6% to $135 a tonne.

Other steelmaking ingredients on the Dalian bourse fell, with coking coal DJMcv1 falling 2.5% to 2,567 yuan a tonne and coke prices DCJcv1 retreated from morning gains to end down 0.8% at 3,370 yuan per tonne.

Steel rebar on the Shanghai Futures Exchange SRBcv1, for October delivery, dipped 0.2% to 4,604 yuan a tonne and hot-rolled coils SHHCcv1 slipped 0.3% to 4,731 yuan per tonne.

Shanghai stainless steel futures SHSScv1 declined 2.2% to 18,535 yuan a tonne.

Source: Reuters

Related Posts

Video

Finance & Economy
Shipping News
Ports

Star Bulk Announces the Repurchase of 10 Million of Its Common Shares

Star Bulk announced that it entered into a Repurchase Agreement (with OCM XL Holdings, LP, a limited partnership incorporated in the Cayman Islands, pursuant...

Trafigura announces executive leadership changes

Trafigura Group Pte Ltd. has announced an evolution of its executive team to further strengthen leadership and focus across its global activities during a...

Woori, HMM, KOBC to buy Polaris in prospective $448 mln deal – report

Polaris Shipping Co. is poised to sell its entire stake at around 600 billion won ($447.5 million) to Woori Private Equity Asset Management Co....

Pyxis Tankers Announces Closing of Ultramax JV Investment

Pyxis Tankers, an international shipping company, reported that on September 14, 2023, the Company closed on its previously announced newly formed drybulk joint venture...

Korea’s STX denies rumor that it is backed by Chinese fund

South Korean general trading company STX Corp. has said its largest shareholder is a local investment firm, while refuting the false reports appearing through...

Baltic index scales 11-month peak on strong capesize rates

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry...

Baltic index scales over 9-month high on capesize surge

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry...

Baltic index rises to over 4-month high on stronger capesize rates

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry...

Houston-Japan VLGC freight rates reach multi-year high

VLGC freight rates from Houston to Chiba, Japan, reached $245/mt Sept. 21 for the...

Baltic index snaps 11-session rally as rates for larger vessels ease

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Drewry: Port Throughput Index Down 2.1% in July

The Global Container Port Throughput Index fell 2.1% MoM in July 2023, with the small rises recorded in Africa and Oceania having been insufficient...

Vopak: Agreement with Infracapital on sale of Rotterdam chemical terminals

Vopak announces that it has reached an agreement with Infracapital on the sale of its three chemical terminals in Rotterdam (Botlek, TTR and Chemiehaven)...

Port Hedland Iron Ore Exports Edge Up 4% in August

Pilbara Ports Authority has delivered a total monthly throughput of 62.8 million tonnes (Mt) for August 2023, consistent with the August 2022 throughput. The Port...

Thessaloniki, Gdańsk ports to explore synergies

Thessaloniki Port Authority S.A is expanding its role as a port of international importance through a new cooperation with the Port of Gdańsk Authority...

Hapag-Lloyd CEO: Counteroffer for HHLA would not be in our interest

Hapag-Lloyd CEO Rolf Habben Jansen said on Thursday that it would not be in the container shipper’s interest to make an offer for HHLA...