China: Spot Iron Ore Fines Price Rebound on Supply Concerns

Chinese spot iron ore prices increased sharply today (25th Mar’20) to USD 87.05/MT CFR China. The prices have increased by USD 3/MT against yesterday and by USD 7 in the last two days.

SteelMint analyzed that the market has recovered in the last two days after spot price down sharply on Monday (23rd Mar) by USD 6.35/MT. As per the sources, worsening iron ore supply concern amid Coronavirus outbreak, a nationwide lockdown in South Africa was announced for three weeks. This is likely to adversely impact iron ore supplies in the upcoming days.

According to SteelMint Stats, South Africa exported nearly 66.5 MnT iron ore in CY19, out of which China occupied a share of 61%.

Also, with force majeure being declared at major Indian ports, shipments from India are likely to be delayed.