spot 63.5% fe iron ore rises to $135-136/tn

Even with the small rise in the AUD today, the benchmark figure is still around AU$150
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Spot 63.5% Fe iron ore prices rise to $135-136 per tonne cfr

China’s imported iron ore market continued to gain traction on Thursday August 8 on strong sentiment.

Prices for 63.5% Fe iron ore stood at $135-136 per tonne cfr during the day, up $1-2 per tonne from the previous day.

“Market sentiment remained bullish as the futures market is buoyant,” a Shanghai-based trader said.

The most-traded January rebar contract on the Shanghai Futures Exchange settled at 3,737 yuan ($606) per tonne on Thursday, up 0.9% for the day.

On the China Beijing International Mining Exchange, a cargo of 165,000 tonnes of Pilbara Blend Fines with laycan August 15-30 was traded at $135.2 per tonne cfr China, up $2.4 per tonne compared with a similar trade on Global Ore on Tuesday August 6.

The platform trading market was quiet on Thursday due to the two-day national holiday in Singapore.

But transactions were still active offline, traders reported.

“The seaborne iron ore market is looking strong today. I’m getting bids at $134 per tonne cfr for Pilbara Blend fines,” a Hong Kong-based trader said. Offer prices for the material were around $135-136 per tonne cfr, $1 per tonne higher than prevailing offers on Wednesday.

China’s iron ore imports jumped by 17.2% month-on-month in July to a new record high of 73.14 million tonnes, according to data released by Chinese Customs on Thursday August 8.