List of futures trading prices of some metals on the Shanghai Exchange (Unit: yuan/ton). Summary: Thao Vy

At the end of trading session on Thursday (January 13), China’s iron ore futures turned down after gaining more than 2% earlier in the session, Reuters reported.

Iron ore chart at Shanghai Exchange (Source: Shfe)

This was due to a drop in shipments from major miners amid concerns over short-term demand for the steelmaking raw material.

Accordingly, the price of iron ore for delivery in May 2022 on the Dalian Commodity Exchange (DCE) increased by 2.4% to 749 yuan/ton (equivalent to 117.74 USD/ton). At the close, the price was down 0.7% to 726 yuan/ton.

SteelHome data showed that the price of spot iron ore with 62% Fe content for delivery to China increased by 3 USD to 132 USD/ton on Wednesday (January 12).

Iron ore exports from Australia and Brazil stood at 22.35 million tonnes for the week ended January 9, down 5.61 million tonnes from the previous week, according to consulting firm Mysteel.

Photo: TA TRADING

Although molten iron production is gradually recovering thanks to the easing of environmental controls, supporting the spot market price, there are still worries about the steel production limit during the Olympics. Beijing Winter Festival next February.

China’s auto sales rose last year for the first time since 2017 and are expected to outperform in 2022, an industry association said.

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