Latest news with #Mysteel
Reuters
2 days ago
- Business
- Reuters
China May iron ore imports fall on expectations of seasonally slow demand
BEIJING, June 9 (Reuters) - China's iron ore imports dropped 4.9% in May from April, as mills exercised caution in procurement for seaborne cargoes in anticipation of seasonally slower steel consumption. The world's largest iron ore consumer brought in 98.13 million metric tons of the key steelmaking ingredient last month, data from the General Administration of Customs showed on Monday. May's volume, which missed analysts' expectations of above 100 million tons, was down from 103.14 million tons in April and 102.03 million tons in May 2024. Some steelmakers preferred to procure cargoes from ports where supply was abundant and prices cheaper than seaborne cargoes, according to steel mills and analysts. Lower imports saw portside inventory drop 2.8% month-on-month to 133 million tons by May 30, the lowest since February 2024. Some vessels cleared customs in advance due to the May Day holiday break, contributing to lower-than-expected imports in May and higher-than-expected imports in April, said Steven Yu, senior analyst at consultancy Mysteel. For the first five months of 2025, China's iron ore imports declined 5.2% year-on-year to 486.41 million tons.
Business Recorder
6 days ago
- Business
- Business Recorder
Iron ore rebounds on short-covering
BEIJING: Iron ore futures prices rebounded on Wednesday, as some investors closed their short positions to cash in profits, although anticipation of seasonally slower demand capped gains. The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) closed daytime trade 1.37% higher at 704.5 yuan ($97.98) a metric ton, after hitting a nearly two-month low the day before. The benchmark July iron ore on the Singapore Exchange was 0.95% higher at $95.2 a ton, as of 0757 GMT. Prices have fallen dramatically in the past few days, leaving futures prices at a level lower than spot prices, which means limited downside room for futures in the near term, said Steven Yu, senior analyst at consultancy Mysteel. 'That has propelled some shorts to wind up their positions as hot metal output is likely to hover around 2.4 million tons in June; a more drastic price fall will only show up until fundamentals deteriorate further,' Yu added. Average daily hot metal output, a gauge of iron ore demand, dipped by 0.7% from the prior week to 2.42 million tons as of May 30. This is 2.6% higher than the same period a year before, Mysteel data showed. Pei Hao, a senior analyst at international brokerage Freight Investor Services, believes the bounce in ore prices is somewhat influenced by the rally in coal and coke prices. Other steelmaking ingredients, coking coal and coke , rallied by 7.19% and 5.72%, respectively, after touching nearly nine-year lows on Tuesday. Expectations of a reduced supply contributed to the price surge in the coal market, said analysts. 'We have liquidated all our short positions today,' said a Singapore-based coal trader on condition of anonymity. Steel benchmarks on the Shanghai Futures Exchange posted gains. Rebar added 1.57%, hot-rolled coil gained 1.61%, wire rod advanced 1.14% and stainless steel ticked 0.59% higher.
Business Recorder
6 days ago
- Business
- Business Recorder
Iron ore rebounds on short covering; seasonally slow demand curbs gains
BEIJING: Iron ore futures prices rebounded on Wednesday, as some investors closed their short positions to cash in profits, although anticipation of seasonally slower demand capped gains. The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) closed daytime trade 1.37% higher at 704.5 yuan ($97.98) a metric ton, after hitting a nearly two-month low the day before. The benchmark July iron ore on the Singapore Exchange was 0.95% higher at $95.2 a ton, as of 0757 GMT. Prices have fallen dramatically in the past few days, leaving futures prices at a level lower than spot prices, which means limited downside room for futures in the near term, said Steven Yu, senior analyst at consultancy Mysteel. 'That has propelled some shorts to wind up their positions as hot metal output is likely to hover around 2.4 million tons in June; a more drastic price fall will only show up until fundamentals deteriorate further,' Yu added. Average daily hot metal output, a gauge of iron ore demand, dipped by 0.7% from the prior week to 2.42 million tons as of May 30. This is 2.6% higher than the same period a year before, Mysteel data showed. Pei Hao, a senior analyst at international brokerage Freight Investor Services, believes the bounce in ore prices is somewhat influenced by the rally in coal and coke prices. Other steelmaking ingredients, coking coal and coke , rallied by 7.19% and 5.72%, respectively, after touching nearly nine-year lows on Tuesday. Expectations of a reduced supply contributed to the price surge in the coal market, said analysts. Iron ore set for weekly gain on resilient demand despite Trump tariff shock 'We have liquidated all our short positions today,' said a Singapore-based coal trader on condition of anonymity. Steel benchmarks on the Shanghai Futures Exchange posted gains. Rebar added 1.57%, hot-rolled coil gained 1.61%, wire rod advanced 1.14% and stainless steel ticked 0.59% higher.
Business Recorder
28-05-2025
- Business
- Business Recorder
Iron ore dips on tepid China demand, higher shipments
SINGAPORE: Iron ore futures prices dipped for a fourth consecutive session on Wednesday, pressured by subdued demand for the steelmaking ingredient in top consumer China and higher shipments from top producers Australia and Brazil. The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) traded 0.21% lower at 698 yuan ($96.94) a metric ton by 0300 GMT. The benchmark June iron ore on the Singapore Exchange was 0.18% lower at $95.9 a ton. China's crude steel output in 2025 is expected to fall to 968 million metric tons, down 37 million tons from 2024, Mark Ferguson, director of metals and mining research at S&P Global Commodity Insights told a conference on Wednesday in Singapore. The daily crude steel production of key steel enterprises in May dipped 0.3% month-on-month to 2.2 million tons, consultancy Lange Steel said, citing statistics from the China Iron and Steel Industry Association. The total volume of iron ore dispatched from Australia and Brazil edged 0.9% higher week-on-week, as of May 25, to reach 27.3 million tons, data from consultancy Mysteel showed. Mysteel attributed the rise to lifted ore shipments from Australia, who increased shipments to China by 10.4% week-on-week to 17.4 million tons. Also dampening sentiment was the Brazilian government's decision to renew 25% tariffs on Tuesday, measures which were initially imposed last year on 19 steel products. Iron ore futures range-bound Still, China's industrial profits picked up pace in April, official data showed on Tuesday, giving policymakers cause for optimism that recent stimulus efforts are helping to keep the economy afloat despite trade tensions with the United States. Other steelmaking ingredients on the DCE weakened, with coking coal and coke down 0.75% and 0.99%, respectively. Most steel benchmarks on the Shanghai Futures Exchange lost ground. Rebar dropped 1%, hot-rolled coil shed 0.74%, stainless steel eased 0.82%, while wire rod climbed 1.96%.
Malaysian Reserve
27-05-2025
- Business
- Malaysian Reserve
Argus and Mysteel partner on iron ore benchmarks
New basket prices for both 61% and 62% Fe seaborne iron ore imported into China SINGAPORE, May 27, 2025 /PRNewswire/ — Global energy and commodity price reporting agency Argus and Mysteel, a major Shanghai-based metals pricing and data company, today signed a memorandum of understanding to publish official index averages for 61% and 62% Fe (iron) seaborne iron ore imported into China. In recent years buyers and sellers in the iron ore market have chosen to price against informal 'baskets' (averages) of prices from several pricing sources, particularly for sales into China. The industry already regularly uses a monthly average of assessments separately published by Argus and Mysteel for ore containing 62% iron in spot and term contract markets, informally referred to as AM62. Based on requests from market participants, Argus will formally publish the AM62 average in a monthly Argus/Mysteel service. The service will also include AM61 — a monthly average of new assessments for 61% Fe iron ore prices from each party. The 61% Fe specification more closely reflects the grade of Australian iron ore exported to China, which results from grade depletion at mining operations in Western Australia over a number of years. Argus Media chairman and chief executive Adrian Binks said: 'We're delighted to be able to partner with Mysteel, China's largest and most respected provider of pricing and data to the ferrous sector. Market participants have been pushing both for a greater range of index averages and for new references for 61% Fe, since these will better reflect the market. So we have agreed together to provide both in a single new service. This offers greater optionality for the iron ore market as it looks for new index-linking and risk-management solutions in response to a decline in average grades.' Zhu Junhong, Chairman and Founder of Mysteel, said: 'We are delighted to marry our expertise and deep understanding of the Chinese market with Argus which is an established international price reporting agency with decades of expertise serving a global customer base. It reflects the needs of the widest range of iron ore and steel market participants both internationally and in China.' The new AM61 and AM62 prices will be published monthly as an average of Argus and Mysteel assessments for 61% and 62% Fe iron ore on a delivered to Qingdao basis, calculated on the final Singapore working day of each month. Argus' assessments are calculated as a volume-weighted average of transactions, but also take into account bids and offers in the spot market to ensure that they are accurate and robust representations of fair market value. Argus and Mysteel will continue to publish their own separate assessments for 61% and 62% Fe iron ore. Argus contact information London: Seana Lanigan+44 20 7780 4200Email Seana Houston: Matt Oatway+1 713 968 0000Email Matt Singapore: Tomoko Hashimoto+65 6496 9960Email Tomoko About Argus Media Argus is the leading independent provider of market intelligence to the global energy and commodity markets. We offer essential price assessments, news, analytics, consulting services, data science tools and industry conferences to illuminate complex and opaque commodity markets. Headquartered in London with over 1,500 staff, Argus is an independent media organisation with 30 offices in the world's principal commodity trading hubs. Companies, trading firms and governments in 160 countries around the world trust Argus data to make decisions, analyse situations, manage risk, facilitate trading and for long-term planning. Argus prices are used as trusted benchmarks around the world for pricing transportation, commodities and energy. Founded in 1970, Argus remains a privately held UK-registered company owned by employee shareholders and global growth equity firm General Atlantic. About Mysteel Founded in 2000, Mysteel is the leading provider of market information in China, covering an extensive range of bulk commodities. Its iron ore prices are the first in China to meet IOSCO compliance requirements. Mysteel has its headquarters in Shanghai, China. Mysteel Global, the global arm of Mysteel, was incorporated in 2016 and has offices in Singapore, Australia, Japan and the UK. Trademark notices ARGUS, the ARGUS logo, ARGUS MEDIA, ARGUS DIRECT, ARGUS OPEN MARKETS, AOM, FMB, DEWITT, JIM JORDAN & ASSOCIATES, JJ&A, FUNDALYTICS, METAL-PAGES, INTEGER, Argus publication titles and Argus index names are trademarks of Argus Media Limited.
