Steel prices today increased to 4,341 yuan / ton on the Shanghai Exchange. The amount of imported iron ore stockpiled at Chinese ports is at a 31-month high.
Steel prices continue to increase today
Steel price today January 2022 delivery on the Shanghai Exchange increased 55 yuan to 4,341 yuan/ton at the time of the survey at 9:30 am (Vietnam time).
| Type name | Period | 9/11 | Difference from previous transaction |
| Copper price | Delivered in December 2021 | 70.580 | +550 |
| Zinc price | Delivered in December 2021 | 23.175 | +270 |
| Nickel price | Delivered in December 2021 | 144.820 | +1.650 |
| Silver price | Delivered in December 2021 | 5.012 | +63 |
| Steel price | Delivery in January 2022 | 4.341 |
On Monday, iron ore futures posted gains in volatile trading after a string of declines. Meanwhile, the benchmark iron ore price has struggled below $100/ton due to weak Chinese demand and rising seashore inventories. Futures prices of several metals on the Shanghai Exchange (Units) : yuan/ton). Summary: Thao Vy
Iron ore chart at Shanghai exchange (Source: Shfe)
Accordingly, the January 2022 iron ore contract, the most traded on China’s Dalian Commodity Exchange (DCE), ended the daytime session 1.4% higher at 570, 50 yuan/ton (equivalent to 89.17 USD/ton), after 7 selling sessions.
Similarly, the December 2021 iron ore contract on the Singapore Exchange (SGX) was also revised up 0.5% to $91.95 per tonne at the close. Earlier in the session, this contract fell 2.2% to 89.45 USD/ton.
From a record $232.50/mt in May, the spot price of standard 62% Fe Australian iron ore for delivery to China has fallen by more than 140% due to sluggish Chinese demand, particularly in at $94.50 on November 5 – the lowest level since May 2020.
Imported iron ore stockpiles at Chinese ports are at a 31-month high, reaching 145.10 million tonnes last week, according to data from consulting firm SteelHome. This situation has added to the downward pressure on prices.
Photo: Shanghai Unite Steel
Atilla Widnell, CEO of Singapore-based Navigate Commodities, said he has updated his short-term price target to 97.92 – $101.16/tonne CFR China, from around 76 – US$101.16/tonne CFR China. $98/ton earlier, as iron ore appears to be oversold.
According to Navigate estimates, shipments from Australia and Brazil last week fell by about 4.5 million tons compared with the previous week.
“The drop in Australian shipments could be an indication that output from high marginal cost producers is being impacted by relatively low iron ore prices,” Mr. Widnell said. believe.
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