Steel prices today increased to 5,706 yuan / ton on the Shanghai Exchange. Given adverse fluctuations in iron ore prices, product discounts and freight rates, Mount Gibson Iron Limited will be suspending operations in stages at the Shine mine.
Steel prices continue to increase today
Steel price today January 2022 delivery on the Shanghai Exchange increased 65 yuan to 5,706 yuan/ton at the time of the survey at 10:30 am (Vietnam time).
| Type name | Period | October 4th |
Difference from yesterday |
| Copper price | Delivered in November 2021 | 67.950 | -690 |
| Zinc price | Delivered in November 2021 | 22.370 | -325 |
| Nickel price | Delivered in November 2021 | 138.070 | -1.070 |
| Silver price | Delivered in December 2021 | 4.615 | -168 |
| Steel price | Delivered in January 2022 | 5.706 | +65 |
Futures price list of some metals on the Shanghai Exchange (Unit: yuan/ton). Summary: Thao Vy
On September 17, Venture Minerals (Australia) announced the suspension of iron ore shipments from the Riley iron ore mine in Tasmania due to a drop in volume. The move has shaken other miners.
Iron ore chart at Shanghai exchange (Source: Shfe)
Mount Gibson Iron Limited said today that, given recent significant adverse movements in iron ore prices, product discounts and freight rates, it will implement a phased suspension of operations in the area. Shine mine, located in the Midwest and at Koolan Island in the Kimberley region.
Accordingly, this mine will continue to be exploited and processed ore to facilitate a shipment around the end of October, after which it will be put into maintenance.
This is a disappointing decision, the company commented, as the Shine mine is in its first year of operation. However, it is still commercially reasonable to reduce spending and preserve the value of deposits, as well as to provide time to assess the iron ore market outlook.
Mount Gibson explained that the recent significant decline in iron ore prices was exacerbated by a significant expansion of discounts on mid- and low-grade iron ore products.
At the same time, freight prices from the Port of Geraldton to China are also increasing rapidly, specifically increasing from less than 15 USD/ton to the current level of more than 30 USD/ton.
Photo: The Bangkok Post
Mount Gibson said it will retain a core team to ensure the mine is safe and in good shape so that it can restart in time if market conditions permit, and will also find a way to locate reassigned a number of staff members to existing roles at the Koolan Island operations.
Due to the planned shutdown at Shine, the mine’s sales guidance for the 2021-2022 financial year will be withdrawn, the company added.
T&G International Joint Stock Company
Address: 352 Hue Street, Le Dai Hanh Ward, Hai Ba Trung District, Hanoi
Hotline: 0345786803
Email: hrm@tginterjsc.com
Website: http://tginternationaljsc.com
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