Seaborne iron ore prices stable; market expects abundant supply in coming months

摘要

Singapore—Seaborne iron ore prices remained stable Oct. 6 as most spot buyers were still away during the Golden Week holidays in China. S&P Global Platts assessed the 62% Fe Iron Ore Index at $123.15/ dry mt CFR North China on Oct. 6, stable from Oct. 5. The front-month November 62% Fe derivatives was up $1.10/dmt from Oct. 5 at $117.50/dmt on Oct. 6. Just as Chinese steel mills were seeing margins squeezed by lackluster steel prices and high raw material costs, some market sources in other Asian countries were also feeling the pinch. “Steel demand stays flat. However, iron ore prices remain elevated and coking coal prices have risen almost 25% from a month ago,” said a mill source in Southeast Asia. “We have secured all of our iron ore requirements for the rest of the year. Iron ore supply is expected to stay strong for the coming months, exerting some downward pressure on [iron ore] prices.”