TSI’s 62% Fe iron ore fines benchmark index posted its largest ever one-day gain this Monday, rising 19.5% to US$62.60/dry metric tonne CFR Tianjin port as Chinese mills scrambled to purchase material on bumper gains in steel prices over the weekend.
In context, the absolute day-on-day rise in iron ore prices of US$10.20/dmt is roughly half of the price of contracted iron ore during the early 2000’s under the old ‘annual benchmark’ system, which ended in April 2010.
Even as recently as December 11, TSI’s 62% Fe index price was languishing at US$37/dmt as demand from Chinese mills wilted in the face of ever-diminishing steel prices, anaemic demand and mounting losses by state-owned steel producers.
However, iron ore prices have been resurgent since December 2015 as Chinese mills have seen their margins open up again on rising steel prices and historically low input costs.
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