Iron ore prices

LAUNCESTON, Australia, March 7 (Reuters) - China's lowering of its economic growth target for 2022 to 5.5% seems at first glance to be bearish for iron ore prices, but there are others factors at play likely to keep upward pressure on the steel raw material. There is little doubt that China, the world's second-biggest economy and biggest importer of commodities, is facing headwinds, both domestic and global. It's not surprising that Premier Li Keqiang lowered the growth target from 2021's 6% (although the economy actually expanded 8.1%) in his report to the annual session of parliament. China's priority for 2022 is "economic stability," Li said, and it's those words that are likely quite bullish for iron ore. Already China is cutting interest rates, local governments are starting to boost infrastructure spending, and tax cuts are expected - all positive demand drivers for steel. China's iron ore imports have had a steady start to the year, with Refinitiv estimating arrivals at 83.69 million tonnes in February and 86.14 million in January, roughly in line with the 88.4 million from December and the 89.29 million from November. Iron ore imports have held up in the first two months of 2022 despite restrictions on steel output as the authorities in Beijing sought to limit pollution over winter and during the Winter Olympic Games in the city. Now that these restrictions are ending and stimulus measures are starting to flow into China's economy, it's likely that steel demand wil...

Value from Last Month 117.39 Change from Last Month -10.43% Value from 1 Year Ago 131.21 Change from 1 Year Ago -19.86% Frequency Monthly Unit USD per Dry Metric Ton Adjustment N/A Download Source File Notes 63.5% Fe; any origin; spot price; C.F.F. China; 62% Fe beginning December 2008; previously 63.5%. Date Value May 31, 2023 105.15 April 30, 2023 117.39 March 31, 2023 128.37 February 28, 2023 127.60 January 31, 2023 122.23 December 31, 2022 111.84 November 30, 2022 93.34 October 31, 2022 92.56 September 30, 2022 99.81 August 31, 2022 108.85 July 31, 2022 108.57 June 30, 2022 130.74 May 31, 2022 131.21 April 30, 2022 151.25 March 31, 2022 152.07 February 28, 2022 142.84 January 31, 2022 132.53 December 31, 2021 116.96 November 30, 2021 96.24 October 31, 2021 122.91 September 30, 2021 124.52 August 31, 2021 162.16 July 31, 2021 214.14 June 30, 2021 214.43 May 31, 2021 207.72 Date Value April 30, 2021 179.83 March 31, 2021 168.18 February 28, 2021 163.80 January 31, 2021 169.63 December 31, 2020 155.43 November 30, 2020 124.36 October 31, 2020 119.78 September 30, 2020 123.75 August 31, 2020 121.07 July 31, 2020 108.52 June 30, 2020 103.30 May 31, 2020 93.65 April 30, 2020 84.73 March 31, 2020 88.99 February 29, 2020 87.68 January 31, 2020 95.76 December 31, 2019 92.65 November 30, 2019 84.98 October 31, 2019 88.53 September 30, 2019 93.08 August 31, 2019 93.07 July 31, 2019 120.24 June 30, 2019 108.94 May 31, 2019 100.15 April 30, 2019 93.70

LAUNCESTON, Australia, Nov 21 (Reuters) - Iron ore prices are gathering steam as confidence over the outlook for China's steel demand increases, outweighing bearish factors such as potential winter production curbs and India lowering iron ore export taxes. The price of spot 62% iron ore for delivery to north China , as assessed by commodity price reporting agency Argus, rose to $99.50 a tonne on Nov. 18, close to the $100 level last seen on Sept. 15. The price has gained 26% since hitting a three-year low of $79 a tonne on Oct. 31, taking heart from China's efforts to stimulate the world's second-biggest economy and ease some of the strict COVID-19 containment measures that have hamstrung growth this year. In addition to optimism that steel-intensive sectors such as construction and infrastructure will accelerate next year, there are some other bullish factors for iron ore and steel. Iron ore inventories at Chinese ports dropped to 135.45 million tonnes in the week to Nov. 18 from 136 million the previous week. More importantly, inventories are almost 10% below the level that prevailed at this time last year. It's also worth noting that inventories usually build heading into the northern winter as steel mills accumulate stock to boost production in the new year, when construction activity picks up. Steel rebar inventories are also declining, slipping to 3.74 million tonnes in the week to Nov. 18. Rebar stockpiles typically drop heading into winter and build early in the ne...

Iron ore fell for the first time in nine sessions as Goldman Sachs Group Inc. warned that property weakness would likely be a multiyear growth drag for China’s economy. The steel-making staple dropped almost 5% in Singapore after the investment bank said in a note that it sees persistent problems in Chinese real estate, mainly related to lower-tier cities and private developer financing. There was no quick fix and the property recovery was likely to be “L-shaped,” according to Goldman.

Units: U.S. Dollars per Metric Ton,Not Seasonally Adjusted Frequency: Monthly Notes: Value represents the benchmark prices which are representative of the global market. They are determined by the largest exporter of a given commodity. Prices are period averages in nominal U.S. dollars. Copyright © 2016, International Monetary Fund. Reprinted with permission. Complete terms of use and contact details are available at