Tanker blasts in Gulf of Oman bolster prices of oil, iron ore -Shanghai Metals Market

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Tanker blasts in Gulf of Oman bolster prices of oil, iron ore 

Price Review & Forecast 05:23:26PM Jun 13, 2019 Source:SMM

SHANGHAI, Jun 13 (SMM) – Iron ore prices on the Dalian Commodity Exchange (DCE) jumped on Thursday June 13 after two oil tanker blasts in the Gulf of Oman on Thursday morning hiked oil prices and raised the expectations of higher sea freight charges. 

On June 13, the DCE September iron ore contract gained 1.56% on the day to close at 781.5 yuan/mt. 

SMM estimates that prices of iron ore will keep firm in the short term, underpinned by shrinking inventories at ports and continued demand from steel mills. 

Key Words:  Market commentary  Iron ore 

Tanker blasts in Gulf of Oman bolster prices of oil, iron ore 

Price Review & Forecast 05:23:26PM Jun 13, 2019 Source:SMM

SHANGHAI, Jun 13 (SMM) – Iron ore prices on the Dalian Commodity Exchange (DCE) jumped on Thursday June 13 after two oil tanker blasts in the Gulf of Oman on Thursday morning hiked oil prices and raised the expectations of higher sea freight charges. 

On June 13, the DCE September iron ore contract gained 1.56% on the day to close at 781.5 yuan/mt. 

SMM estimates that prices of iron ore will keep firm in the short term, underpinned by shrinking inventories at ports and continued demand from steel mills. 

Key Words:  Market commentary  Iron ore