• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Markets

Iron ore price leaps to highest since 2011

5 years ago
in Markets, Mining
2 min read
0 0
0
84
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Iron ore prices leaped to more than nine-year highs on Friday amid trading spikes and a frenzy for the steelmaking ingredient in China, which the country’s steelmakers have called  “unreasonable” and “abnormal.”

According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China (CFR Qingdao) were changing hands for $164.39 a tonne on Friday, up nearly 4% from Thursday’s peg.

Iron ore is now trading at the highest level since October 2011 and is up 78% in 2020.  

On the Dalian Commodities Exchange, futures prices hit a new all-time high on Friday, shooting up more than 6% to 1,076 yuan. The contract was launched in 2013.

China forges more steel than the rest of the world combined and is set to break records with iron ore imports – primarily from Australia and Brazil – increasing to above one billion tonnes this year.

Below is a list, in chronological order, of key milestones in the recent rally and steps taken to try to calm the market, compiled by Reuters:

* Dec. 2 : Brazilian iron ore miner Vale cut its 2020 output outlook, adding fuel to rising iron ore prices.

* Dec. 3: China’s Dalian Commodity Exchange (DCE) imposes limits on single-day open positions for the May 2021 iron ore contract as prices power towards 900 yuan ($138) per tonne.

RelatedPosts

Market Activity Slows as Prime Index Marginally Edges Higher to 7,340.08 Points

GoldBod Suspends Gold Buyer’s Licence Over Illegal Pricing

Parliamentary Select Committee on Lands and Natural Resources Visits AGA Iduapriem Mine

* Dec. 4: The DCE reminds members to trade rationally and step up risk-prevention measures after iron ore futures hit a record 974 yuan per tonne.

* Dec. 9: Goldman Sachs raises its iron ore price forecast for 2021 to $120 per tonne from $90, citing strong Chinese steel production and recovering demand in the West. These sentiments are echoed by Australian miner Fortescue Metals Group.

On the same day, the DCE further restricts single-day open positions on its most active iron ore contract and adjusts speculative margin requirements.

* Dec. 10: The world’s biggest iron ore export hub, Port Hedland in Australia, starts clearing large vessels out of the port after a cyclone warning. BHP Group later assures the China Iron & Steel Association (CISA) its monthly shipment volumes won’t be affected.

On the same day, CISA holds a symposium with major steelmakers in China, who call on regulators to investigate the spike in iron ore prices and crack down on any wrongdoing.

* Dec. 11: The most-traded DCE iron ore futures break above 1,000 yuan per tonne for the first time, hitting a record 1,042 yuan.

* Dec. 12: The DCE proposes regularly adjusting premiums and discounts for iron ore futures and adding deliverable brands, following complaints from steel producers that speculators are fuelling the rally.

* Dec. 14: China’s market regulator publishes new standards for steel scrap, giving mills greater access to an alternative raw material to iron ore even after a ban on solid waste imports from end-2020. The new standards were developed in just a year, versus the usual processing time of several years.

* Dec. 16: CISA holds a video call with Rio Tinto after learning the miner has been making continuous high-price iron ore transactions. Rio Tinto says it is willing to work with consumers to review the iron ore pricing mechanism.

* Dec. 18: The DCE adjusts transaction fees for its iron ore futures, effective the Dec. 22 trading day, after the most active contract closes up 6.2%, having struck a new record high of 1,076.50 yuan.

Source: mining.com
Via: norvanreports
No Result
View All Result

Highlights

Bog Governor Hints at $4bn Inflows From COCOBOD Financing Deal to Support Cedi

Dangote to Build $2.5 Billion Fertiliser Facility in Ethiopia

Top 10 African Countries With the Lowest Debt to the IMF in August 2025

Ghana Ranked Among Top 10 Best-Governed African Countries in 2025

Cocoa Marketing Company (CMC) Secures Major Win for Ghana at the Annual Cocoa Freight Negotiation Conference in Rouen, France

UEFA Champions League: Five Exciting Fixtures to Keep an Eye on

Trending

Business

UK Pledges Support as Ghana Faces GIABA Assessment Amid Gold Sector Scrutiny

August 29, 2025

UK Pledges Support as Ghana Faces GIABA Assessment Amid Gold Sector Scrutiny The United Kingdom has reaffirmed...

BOST Holds 2025 AGM, Tasked to Deliver Profitability and Support Green Transition

August 29, 2025

Brussels Airlines Adds 5 More A320neo Aircraft to its Fleet

August 29, 2025

Bog Governor Hints at $4bn Inflows From COCOBOD Financing Deal to Support Cedi

August 29, 2025

Dangote to Build $2.5 Billion Fertiliser Facility in Ethiopia

August 29, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.