Iron ore futures were firmer today. The DCE most-traded contract settled at 682.5 yuan/mt, up 1.49% from the previous session. Qingdao port spot prices rose about 6-11 yuan/mt on average. Trader activity was moderate and mills bought on an as-needed basis. Spot trading was thin.
On supply, SMM shipping data showed global iron ore shipments at 32.53 million mt in the week to 16 October, down 4.7% week-on-week. Australian shipments fell 4.5% to 18.64 million mt, while Brazilian shipments rose 13.3% to 7.96 million mt. Shipments bound for China rose 7.0% to 20.78 million mt. Arrivals at Chinese ports fell 12.1% to 24.55 million mt. Stocks at 35 major ports still rose 2.85 million mt week-on-week despite the drop in arrivals, showing that port cargoes are moving slowly. SMM’s survey showed domestic concentrate output up 30,000 mt to 900,000 mt.
On demand, daily pig iron output at key mills rose 1.4% in early October from the previous ten-day period, but mills remain loss-making and continue to buy as needed. Futures rebounded today, but spot volumes did not pick up and fundamentals offer little sustained support. Higher shipments to China point to a renewed rise in arrivals ahead. Iron ore prices are likely to stay range-bound in the near term with limited upside.
[SMM Iron Ore]
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