Purchase prices of iron ore magnetite with 62% purity fell below -6.3% for today, August 22, 2019, below the iron ore price at the time of breaking the vale Brazil dam disaster. The reasons for the decline in iron ore prices over the past month, along with the day rate in Chinese ports, are also examined in this article.
Iron ore price today increase 2019
Iron ore prices have been on the rise since the first months of the 2019 year, due to the force majeure situation for Brazil’s largest iron ore exporters Vale and a significant decline in China iron ore supply. We saw a sharp rise in prices with the announcement of force majeure by two other giants producing and supplying iron ore, iron ore Riotinto and iron ore BHP company, because of the Veronica storm.
Magnetite iron ore price chart today
The iron ore price index has been declining in the last month (today, August 22, 2019), as opposed to four months ago. Over the last month we have seen a significant decline in the price of iron ore, the price of iron ore concentrate as well as the price of iron ore pellets. Percentage decline in the last month was -35%. As we have said, the price drop has been significant and reached below the pre-accident price of vale Brazil tailings dam failure. Magnetite 62 fe iron ore price index in CFR Qingdao China is currently $ 82.38. The reasons for the decline in iron ore prices over the past month are discussed below.
- Declining profit margins for steelmakers have been one of the reasons for the pressure on iron ore prices over the past month.
- The simultaneous increase in iron ore exports by the largest exporters, Brazil and Australia, has led to a decline in prices, forcing mining giants in the manufacturing and export sectors to discount their customers.
Steel price today
Steel day date price have also been affected by the continued decline in iron ore prices and have been on the downward path for several days.
FOB price of iron ore Bandar Abbas
Prices in Iranian ports have also been on the downward trajectory as global rates decline and are affected. The fob iron ore price in Bandar Abbas now stands at $ 38.6. The shipping cost for bulk vessels to mainland ports of China is now about $ 30. The discrepancy between the price of iron ore concentrate and the price of iron ore pellets exported domestically has been diminished by the recent modification of prices by Imidro as well as by the drop in export prices due to the global decline in rates. The price of 66% grade iron concentrate in Bandar Abbas is now $ 62.4 against 723,000 Tomans, which is only + 7.3% higher than the domestic iron concentrate, which is 16% of Khuzestan bullion, 670000 Tomans.
Most mines and factories are currently pre-selling their products by October and are pre-selling for November. Iran’s iron and steel prices are currently declining due to global markets.