Tuesday, September 26, 2023
HomeHeadlinesIron ore futures rebound as bargain hunting supports


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

Iron ore futures rebound as bargain hunting supports

Iron ore futures rose on Wednesday in a bargain-buying bounce from a slump in previous sessions after investors stayed on the sidelines following China’s state planner’s decision to clamp down on excessive market speculation.

The most-traded May iron ore on China’s Dalian Commodity Exchange ended day-time trade 0.9% higher at 841.5 yuan ($124.27) a tonne.

On the Singapore Exchange, the benchmark February iron ore was up 0.7% at $121.40 a tonne, as of 0703 GMT.

China’s state planner issued on Wednesday its third warning this month against excessive speculation in iron ore, adding that it will increase supervision of the country’s spot and futures markets.

The outcome of Tuesday’s meeting lacked any real teeth, so markets have assimilated it and moved on. In fact, some traders are using these events as a “buy the dip” opportunity, said Atilla Widnell, managing director of Navigate Commodities.

China’s property sector fell 5.1% in 2022 from a year earlier, value-added data from the National Bureau of Statistics (NBS) showed on Wednesday, heaping more pressure on policymakers to revive the sluggish sector in 2023.

Brazil’s CSN Mineracao SA said on Tuesday it has reached a deal for a long-term supply of iron ore to Swiss trader Glencore.

The most-active rebar contract on the Shanghai Futures Exchange climbed 1.5%, hot-rolled coil rose 1.5%, wire rod edged 0.9% higher, and stainless steel gained 0.4%.

During 2023, crude steel production will continue to be affected by the Chinese central government’s determination to ensure that steel output remains flat or below the previous year’s total, according to Mysteel consultancy.

Dalian coking coal and coke rose 2% and 1.4%, respectively.

Coronado Global Resources, which has not typically sold Australian coking coal to China, has received enquiries for long-term supply as Beijing lifts its unofficial ban on coal imports from Australia, its chief executive said on Wednesday.

Source: Reuters

Related Posts


Finance & Economy
Shipping News

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 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...

Baltic index rises for 11th straight session on strong vessel rates

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

The elite of the Shipping Industry meets at the “Maritime Cyprus 2023” Conference

The main theme of this year’s Conference is “Shipping in Action: An agenda for...

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...