The Steel Index daily iron ore price reference price reached US$104.1 per dry metric tonne on Friday. The price, published daily for 62% Fe content fines delivered China, and has surged upward,

increasing by 5.0% on yesterday and 9.2% over the week. This is the
highest level since the index was first published on 17th November
2008.

The price has rallied strongly from a low of US$59.1/dmt in March 2009,
firming rapidly over the last month to hit today’s high of
US$104.1/dmt. This is a 28% increase over the past 4 weeks.

“The recent increase highlights the volatility in the iron ore market
and the crucial role TSI plays in providing reliable daily price
information,” says Steven Randall, Managing Director of TSI. “In this
environment more and more companies are looking to index-based price
arrangements, often hand-in-hand with OTC swaps to manage their price
risk.”

The strength of the physical spot market has pushed swap prices higher
for the coming months. Brokers clearing through the Singapore Exchange
(SGX) and the London Clearing House (LCH) are reporting swaps at over
US$100/dmt for the five months until the end of the year.

TSI is the only iron ore index used for settling over-the-counter
cleared swaps. Singapore Exchange and LCH.Clearnet both offer cleared
iron ore swaps contracts settling exclusively against the monthly
average of TSI’s daily 62% Fe iron ore reference prices published in
the expiring month.

Source: Commodity Online

Search to find what you want

• Avoid iron ore price rises to new Year

    The Steel Index (TSI) daily iron ore reference price hit its highest level in 12 months today, reaching US$107.40 per dry metric tonne.

• Iron Ore Spike Will Squeeze The steel producer

    The nascent iron ore swaps market implies that iron ore prices could stay elevated for the foreseeable future, as per recent data from ICAP. Most recently China-related prices have surged to new highs. This is good news for major ore producers such as Vale, Rio Tinto, and BHP, and not

• ICE is the trend in the iron ore derivatives

    There are a few hard commodities that doesn’t have a futures market and until now iron ore was one of them. But unlike diamonds which also doesn’t have futures, iron has more strategic importance in the industrial world. Iron ore is the primary raw material used in the production of

• Iron ore swaps trading live at the London Dry bulk electronic trading

    Iron ore swaps have traded consistently on the LDB-X trading platform launched by London Dry Bulk (LDB). The iron ore swaps market has progressed in the level of its sophistication.

• CISA: iron ore import price proposal or to

    The head of the China Iron and Steel Association (CISA) has refuted previous media reports that the National Development and Reform Commission rejected its proposal to unify the iron ore import price, the Beijing Times reported today. CISA chairman Shan Shanghua said the association is still pushing for a unified price

• Mills Press for in 2010 iron ore talks

    Chinese mills are trying to keep iron ore prices rising less than 30 percent in this year’s industry talks with the big three global miners, the New Express Daily reported yesterday. It was reported that delegations from Baosteel, Wuhan Iron and Steel and others are already in Singapore to hold

• Platts launches daily coking coal costs and price reports

    Platts today launched the world’s first daily metallurgical coal assessments, which the company said would provide assistance in determining contract prices. According to the company, the daily assessments will a demand from both miners and the steel mills for independent daily spot evaluations in the burgeoning Asian market. Platts will

• CISA promotes unified iron ore

    Despite difficulties, the promotion of a national unified iron ore price is underway. As long-contract iron ore prices have yet to be determined this year, the CISA is considering putting forward a unified guide price, said Shan Shanghua, secretary-general of the China Iron and Steel Association (CISA), according to a

• Spot iron ore import price in China Surges in economic recovery

     Securities Daily reported that Chinese spot ore imports price has posted relentless upswing fueled by a rebound in the economy. Spot price of Indian ore fine grading 63.5% has hit CNY 700 per tonne to CNY 710 per tonne at Tianjin port on Jul 22nd almost up 50% from the bottom level

• Spot iron ore import price in China Surges in economic recovery

     Securities Daily reported that Chinese spot ore imports price has posted relentless upswing fueled by a rebound in the economy. Spot price of Indian ore fine grading 63.5% has hit CNY 700 per tonne to CNY 710 per tonne at Tianjin port on Jul 22nd almost up 50% from the bottom level

• Middle East crude oil rises after Saudi Arabia lowers prices

    Crude oil from the Middle East sold to Asia rose against benchmarks after Saudi Arabia lowered its official prices, raising expectations of improvements in processing profits.

• Iron ore price negotiations – High spot prices fueling big hike

    Annual iron ore benchmark talk for fiscal 2010 is coming, under which spot iron ore price hit record high. Bur some investment banks raised their forecast increase on long-term iron ore contract price for next year owing to the robust demand from China and other regions in the world. On

• Middle East oil at discounts as the Saudis keep exports steady

    Crude oils for sale from the Middle East to Asia maintained their discounts on expectations Saudi Arabia will supply full volumes to refiners in the region. Qatar Marine for March loading was at a discount of 25 cents a barrel to its official selling price, according to data compiled by

• China s Baosteel in February producer prices increased

    Baoshan Iron & Steel Co (Baosteel), the nation’s largest steel mill, significantly raised its February manufacturer prices, the China Daily reported Thursday. Major steel wire product prices went up 300 yuan (44 U.S.

• East Asian steel scrap and pig iron imports continue to rise offer

    The tight supply and increasing spot ore price propelled the import offer of East Asia scrap steel and pig iron to climb continuously. Presently the price of No.1 and No.2 heavy scrap stands at U.S.$360-365 per ton (CFR) and the offer of pig iron increases to U.S.$380-390 per ton (CFR).