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Iron ore price hits three-week low


Iron ore price hits three-week low

Madan 24: The import price of 62% Fe content ore at the port of Tianjin dropped 2.8% to $77.10 per dry metric tonne on Wednesday, the lowest since the end of November according to data supplied by The Steel Index.

According to Madan 24,The import price of 62% Fe content ore at the port of Tianjin dropped 2.8% to $77.10 per dry metric tonne on Wednesday, the lowest since the end of November according to data supplied by The Steel Index.

Year to date the price of the steelmaking raw material is still up nearly 80% following near-decade lows in December last year, but the outlook going into 2017 is decidedly murkier.

FocusEconomics in its December survey of analysts and institutions shows the price of iron ore averaging $60.30 a tonne during the first quarter of next year. For Q4 2017, analysts expect prices to fall further to average $55.70 over the three month period.

Dutch bank ABN Amro is the most optimistic calling for a $77 average next year while BMO Capital Markets see prices falling sharply from today's levels to average $46 over the course of 2017. Most analysts see iron ore between $50–$60 next year which is on par with the commodity's year to date average.

Goldman Sachs predicting above $60 in early 2017, with a moderate decline to $55 a tonne by the end of next year. That's the same price Australia's Industry department is predicting for free-on-board prices by September next year (add around $6 for freight costs).

Iron ore price expectations on derivatives markets are much more optimistic reaching year-to-date highs last week according to a recent note from the Singapore Exchange:

With iron ore spot prices surging in recent weeks, optimism has extended to forward price expectations too. 2017 forward price expectations have risen to their highest level of the year, with the SGX Iron Ore forward curve currently pricing 2017 at around $70 per tonne (~25% higher than 2016’s YTD average of $56/t).

 



News Id : 1183 Publish Date: ۱۳۹۵/۱۰/۵ ساعت 28 : 13
Source : Mining News Visit : 340


#TitleDate
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2 Anglo American targets iron output of 16- 18m tonnes for 2017 at Minas-Rio in Brazil 25 / Feb / 2017 ، Time 15 : 10
3 Iron Ore Export Plan Sparks Backlash From IMIDRO 12 / Feb / 2017 ، Time 18 : 38
4 BHP iron ore output breaks records 25 / Jan / 2017 ، Time 15 : 51
5 Iran mulls 10% export duty on unprocessed iron ore 17 / Jan / 2017 ، Time 14 : 7
6 Chinese iron ore concentrate prices slip on slower steel output 7 / Jan / 2017 ، Time 12 : 5
7 STEEL MARKET OUTLOOK 4 / Jan / 2017 ، Time 15 : 32
8 Iron ore price hits three-week low 25 / Dec / 2016 ، Time 13 : 28
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11 Which countries are able to export iron ore to Iran? 8 / Dec / 2015 ، Time 11 : 21
12 Which countries are able to export iron ore to Iran? 8 / Dec / 2015 ، Time 11 : 17
13 Chinese scrap at 10-year low pressures iron ore price 1 / Nov / 2015 ، Time 14 : 5
14 Chinese scrap at 10-year low pressures iron ore price 1 / Nov / 2015 ، Time 13 : 58
15 Weak metal prices to hit miners through 2016 — Moody’s 28 / Oct / 2015 ، Time 12 : 35
16 Weak metal prices to hit miners through 2016 — Moody’s 28 / Oct / 2015 ، Time 12 : 28
17 Chadormalu Financial and Economic Director said an interview with Madan 24: rising iron ore prices will not affect on Chadormalu`s shares. 14 / Oct / 2015 ، Time 16 : 17
18 Chadormalu Financial and Economic Director said an interview with Madan 24: rising iron ore prices will not affect on Chadormalu`s shares. 14 / Oct / 2015 ، Time 16 : 14
19 Declaration of new iron ore price on Madan 24 Website 13 / Oct / 2015 ، Time 11 : 42
20 Declaration of new iron ore price on Madan 24 Website 13 / Oct / 2015 ، Time 11 : 38
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