January 2017 | Steel Raw Materials
Enduring demand supports seaborne prices: Iron Ore Market Analysis
Australian-origin ore, accounting for nearly two-thirds of Chinese ore imports over the past few years, has clearly been responsible for displacing domestic Chinese supply.
Chinese demand for Australian and Brazilian iron ore is at record levels; as steel producers prepare for sharper than normal local ore supply cuts. The Pilbara Port Authoritys latest release for iron ore tonnage discharged from Port Hedland in December 2016 shows a 7% m-o-m and 17% y-o-y rise to a record 44Mt. MBR believes this goes some way in explaining why MBs 62% Fines, Qingdao CFR, (MBIOI62) Iron Ore Index has been supported in the past few weeks. If we extend the comparison between...
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