Iron ore price, page-36877

Metals: Copper -1.2% to $4.28lb, iron ore +4.83% to US$137.85/t, Gold -1.6% to US$1,794/oz

Energy: Brent crude -0.9% to US$71.6/bbl, WTI -1.4% to US$68.4bbl, thermal coal -2.4% to $175.0/t

Key overnight stock moves: BHP LND -0.3%, Rio Tinto LND +0.4%, S32 (LDN) -1.9%, Anglo +0.6%, Glencore -0.2%, Vale -1.9%, Alcoa -0.9%, Shell -0.1%, BP 0.0%, Exxon -0.6%, Chevron -0.4%, ConocoPhillips -0.6%

Global Indices: S&P 500 -0.34%, DOW -0.76% & FTSE -0.53%

Iron ore: China imported 97.5Mt iron ore in Aug, +10.2% MoM, -2.9% YoY. YTD 747.4Mt, -1.7% YoY.

The Iron ore price rebounded on Tuesday from a seven-month low after data showed China’s imports in August picked up for the first time in five months, rising 10.1% over July. China imported iron ore worth a record $20 billion in August, despite steel production curbs in the world’s largest producer. Total volumes were 97.5 million tonnes. According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $137.97 a tonne, up 4.2% from Monday’s closing. It was also a record month for the value of China’s overall imports from Australia, with much of that likely coming from shipments of the red metal. (Mining.com)

Iron ore futures gained on concerns the world’s top producers may miss annual export guidance, while investors grapple with unclear signals on Chinese demand. Volatility has spiked to the highest since 2016 as the market is whipsawed by Chinese steel output curbs, expectations that demand may lift as the country enters the seasonally strong construction period, a jump in iron ore imports in August, and elevated port stockpiles. At the same time, supply guidance from major iron ore producers may be under threat due to coronavirus restrictions. (Bloomberg)