Seaborne iron ore prices rose Wednesday, March 3, 2021, along with other iron futures, reaching new historic highs. Market participants are focused on new environmental, fiscal and other measures that could result from political meetings starting Thursday in Beijing. Eurometal writes on its website.
FE indices rose to historic highs in some cases
The Kallanish KORE 62% Fe index rose $1.18/t to $175.79/t cfr Qingdao, hitting a new historic high. The KORE 65% Fe index gained $1.09/t to $199.29/dmt cfr, and the KORE 58% Fe index rose $1.07/t to $163.23/dmt cfr. 170,000 t of PB fines were sold at a variable price.
May iron ore prices on Dalian Commodity Exchange also up
On the Dalian Commodity Exchange, the May iron ore price gained CNY 19/t to CNY 1,152/t ($178.34/t), while the April 62% Fe futures contract on the Singapore Exchange improved by $1.19/t to $170/t. The same contract for 65% Fe and 58% Fe futures gained $1.49/t to $194.05/t and $0.68/t to $156.93/t, respectively. In Tangshan, billet prices rose CNY 140/t to CNY 4,410/t, the highest level since September 14, 2011.
Further rally in iron ore futures support iron ore prices
Iron ore prices were supported by another rally in iron ore futures. This was mainly driven by deeper production restrictions in Tangshan.
China holds out prospect of tax breaks for iron ore mines
Iron ore miners, meanwhile, have been buoyed by the suggestion that the value-added tax for miners could be cut to 9% from 13%.
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