Metal Bulletin Iron Ore Indices - Daily Market Report
01 December 2014
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DAILY INDICES
Code
Incoterm/
Location
Today's Price
Previous
Price
Change
Weekly
Average
Previous
Week
Monthly
Average
Previous
Month
Quarter
Average
Previous
Quarter
62% Fe Fines
MBIOI-62
$/dry tonne
CFR Qingdao
71.11
71.32
-0.21
71.11
69.96
71.11
73.59
77.00
90.45
58% Fe Fines
MBIOI-58
$/dry tonne
CFR Qingdao
58.41
59.76
-1.35
58.41
59.44
58.41
61.95
64.11
71.61
58% Fe Fines - High Specification Premium
MBIOI-58P
$/dry tonne
CFR Qingdao
3.50
3.50
0.00
3.50
3.70
3.50
4.38
4.73
6.23
Implied 58% Fe High Specification Price
MBIOI-58+(58P)
$/dry tonne
CFR Qingdao
61.91
63.26
-1.35
61.91
63.14
61.91
66.33
68.83
77.84
65% Fe - Brazilian Index
MBIOI-65-BZ
$/dry tonne
CFR Qingdao
78.00
78.00
0.00
78.00
78.00
78.00
83.15
85.68
99.29
63% Fe Australian Lump Premium
MBIOI-LP
¢/dmtu
CFR Qingdao
27.00
27.00
0.00
27.00
26.10
27.00
24.35
19.42
10.98
62% Fe China Port Price Index
MBIOI-CPS
RMB/wet tonne
FOT Qingdao
507
512
-5
507
503
507
517
540
623
Impied 62% Fe China Port Price ($)
MBIOI-CPS$
$/dry tonne
CFR Qingdao
71.26
72.00
-0.74
71.26
70.68
71.26
72.96
76.48
88.21
WEEKLY INDICES
Code
Incoterm/
Location
Weekly Price
Previous Price
$ Change
65% Fe Blast Pellet
MBIOI-PT
$/dry tonne
CFR Qingdao
105.25
107.00
-1.75
66% Fe Concentrate
MBIOI-CO
$/dry tonne
CFR Qingdao
84.24
86.07
-1.83
MONTHLY Value-In-Use INDICES
Code
Incoterm/
Location
Monthly Price
Previous Price
$ Change
Fe - VIU
MBIOI-Fe
%Fe
CFR Qingdao
1.77
1.92
-0.15
Si - VIU
MBIOI-Si
%SI
CFR Qingdao
-1.15
-1.44
+0.29
Al - VIU
MBIOI-AL
%Al
CFR Qingdao
-0.70
-0.42
-0.28
STEEL FIRST DAILY COKING COAL INDICES
Code
Incoterm/
Location
Today's Price
Previous Price
$ Change
Premium Hard Coking Coal
SFCCI-PHCC
$/dry tonne
CFR China
121.51
121.37
+0.14
Hard Coking Coal
SFCCI-HCC
$/dry tonne
CFR China
111.06
110.55
+0.51
Premium Hard Coking Coal
SFCCI-PHCC
$/dry tonne
FOB Australia
114.31
113.28
+1.03
Hard Coking Coal
SFCCI-HCC
$/dry tonne
FOB Australia
100.67
100.92
-0.25
Market Commentary
The MBIOI62 started the week with a small drop. Also, the Implied 58%
High Specification went also down by $1.35/tonne. The MBIOI65BZ and
Lump Premium remained flat.
Metal Bulletin updates all value-in-use coefficients monthly. December’s
Fe-VIU, optimised for application between 60-63% Fe, is down $0.15 to
$1.77. Silica and alumina display opposite movements. Si-VIU has
decreased to -$1.15 from -$1.44, while Al-VIU has increased to -$0.70
from -$0.42, suggesting the market is placing a higher value on alumina
impurities recently.
China's steel PMI retreated in November to 43.3 points, down 2.7 points
from October's level, according to the latest figures published by the
China Federation of Logistics & Purchasing (CFLP) today. China's official
PMI dropped to an eight-month low of 50.3 points for November,
compared with October's reading of 50.8 points, according to data from
the National Bureau of Statistics (NBS). China’s rebar and iron ore futures
performed weakly during early morning trading in response to the
disappointing manufacturing data.
On the production side, FMG has halved its capital expenditure to $650
million for the 2015 financial year. It will, however, maintain its
production guidance of 155-160 million tonnes .
Metal Bulletin Daily Iron Ore Indices ($/tonne)
Metal Bulletin Weekly Iron Ore Indices ($/tonne)
160
180
150
170
140
160
130
150
120
140
110
130
100
120
90
110
80
70
60
58%Fe Fines MBIOI-58
62%Fe Fines MBIOI-62
Brazilian Index MBIOI-65-BZ
Implied 58 Premium Index MBIOI-58P
50
Dec'13 Jan'14 Feb'14 Mar'14 Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Dec'14
100
66% Fe Concentrate MBIOI-CO
90
65% Fe Pellet Index MBIOI-PT
80
Dec'13 Jan'14 Feb'14 Mar'14 Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Dec'14
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MBIOI Calendar
Variable
Date
Previous
Forecast
Actual
HSBC China PMI Manufacturing
01-Dec-14
50.4
NA
50.0
down
HSBC South Korea PMI Manufacturing
01-Dec-14
48.7
NA
49.0
up
Japan Manufacturing PMI
01-Dec-14
52.4
NA
52.0
down
NBS China's Manufacturing PMI
01-Dec-14
50.8
50.6
50.3
down
Port Hedland Iron ore monthly exports ('000 tonnes)
03-Dec-14
37474.0
36800.0
CISA Members daily steel output ('000 tonnes)
05-Dec-14
1648.0
NA
NBS Chinese Crude Steel Production (million tonnes)
12-Dec-14
67.5
NA
USA Univ. of Michigan Sentiment (Prelim.)
12-Dec-14
89.4
89.0
Market trends
Difference against MBIOI62 (in $/tonne)
Difference MBIOICPS - MBIOI62 (in $/tonne)
30
15
25
10
20
5
15
0
10
-5
5
-10
65% Brazilian Premium
Difference MBIOI62-MBIOI58
0
Feb'14
Mar'14
Apr'14
May'14
Jun'14
Jul'14
Aug'14
Sep'14
Oct'14
Nov'14
-15
Feb'14
Mar'14
Apr'14
May'14
Jun'14
Jul'14
Aug'14
Sep'14
Oct'14
Nov'14
CISA members daily steel output (Million tonnes)
Chinese Manufacturing PMI
53
1.9
HSBC China PMI Manufacturing
NBS China's Manufacturing PMI
52
51
1.8
50
49
1.7
48
Feb-13
Apr-13
Jun-13
Aug-13 Oct-13 Dec-13 Feb-14
Apr-14
Jun-14
47
Aug-14 Oct-14 Dec-14
1.6
Feb'14
Mar'14
Apr'14
May'14
Jun'14
Jul'14
Aug'14
Sep'14
Oct'14
Nov'14
Port Hedland iron ore monthly exports (Million tonnes)
Big 3 iron ore production quarterly (Million tonnes)
100
39
90
37
35
80
33
31
70
29
60
27
25
50
BHP Billiton Iron ore production ('000 tonnes)
Rio Tinto Iron ore production ('000 tonnes)
Vale Iron ore production ('000 tonnes)
3q12
4q12
1q13
2q13
3q13
4q13
1q14
2q14
Singapore
London
Christopher Ellis
Inaki Villanueva
[email protected]
[email protected]
3q14
23
40
30
4q14
21
19
Feb-13
Peter Hannah
[email protected]
Apr-13
Jun-13
Aug-13
Oct-13
Dec-13
Feb-14
Apr-14
Jun-14
Aug-14
Shanghai
Melbourne
Karen Shi
Ben Johnstone
[email protected]
Oct-14
[email protected]
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