Latest Update in the China Iron Ore Market

SMM data showed that iron ore stocks across 35 Chinese ports totalled 105.93 million mt as of August 7, down 950,000 mt from a week ago and 1.92 million mt lower than a year ago. This marked the first decline following seven consecutive weeks of growth.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on August 7, 2020

Operating rates of blast furnaces at Chinese steelmakers dipped this week, as some mills conducted routine maintenance.

Stainless steel output continued to increase in July, hitting a new year high.

Nonferrous metals rose for the most part, and glod prices scaled new heights on Thursday. 

DCE iron ore futures market kept recording new high and the physical port stock prices followed up closely. PBF was concluded at 905-910yuan/mt in Shandong market and that in Tangshan market hit 900yuan/mt, some mills have to accept this current high prices due to the on-demand procurements.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on August 6, 2020

Nonferrous metals broadly roes, gold prices broke through the $2,050 mark.