Home / Metal News / Steel & Iron Ore / [market changes] Brazilian President confirms supply and expects to tighten iron ore again, rising nearly 3% in intraday trading.
[market changes] Brazilian President confirms supply and expects to tighten iron ore again, rising nearly 3% in intraday trading.
Jul 8,2020 10:24CST
translation
Source:SMM
[market changes] in early trading today, ferrous metals rose across the board. As of press time, iron ore 09 contract rose 2.81% to 785.5 yuan / ton, recording Wulianyang; thread 10 contract rose 1.57% to 3693 yuan / ton, rebar futures position increased by more than 80, 000 hands; hot roll rose 1.79% to 3693 yuan / ton. The market atmosphere is optimistic, and the rise in the domestic stock market also boosted the price of industrial products.
The content below was translated by Tencent automatically for reference.

SMM7 March 8: ferrous metals rose across the board in early trading today. As of press time, iron ore 09 contract rose 2.81% to 785.5 yuan / ton, recording Wulianyang; thread 10 contract rose 1.57% to 3693 yuan / ton, rebar futures position increased by more than 80, 000 hands; hot roll rose 1.79% to 3693 yuan / ton. The market atmosphere is optimistic, and the rise in the domestic stock market also boosted the price of industrial products.

According to reports, Brazilian President Bosonaro confirmed that the new crown virus tested positive. Earlier, a number of Brazilian media reported on the evening of July 6 local time that Brazilian President Bosonaro showed symptoms of suspected new crown pneumonia and had been re-tested for the new crown virus. As of the early morning of the 8th, there were more than 1.62 million confirmed cases and more than 65000 deaths in Brazil.

At the same time, the high level of iron ore supply is weak, Australia and Pakistan shipments dropped sharply this week, Australian mines have entered a maintenance period, shipments ushered in a seasonal off-season, shipments have fallen from previous highs. According to SMM tracking data, a total of 93 ships arrived at eight major ports in China from June 28 to 7.4, with an estimated arrival volume of 15.79 million tons, a decrease of 400000 tons compared with the previous period. During the period, Australia's outbound shipments dropped by 860000 tons compared with the previous period, and the proportion of Australian shipments to China decreased in the current period. Brazil's port departure dropped by 970000 tons in the current period compared with the previous period. The short-term double drop in the delivery of Australia-Pakistan Iron Mine supports the price of iron ore.

Scan the QR code and join the SMM metal communication group.

Iron ore
Brazil

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news