Ore Shipping
22-April-2025
Copper prices in London climbed to their highest level in more than two weeks on Tuesday, driven by a significant drop in the U.S. dollar after U.S. President Donald Trump intensified his criticism of Federal Reserve Chairman Jerome Powell, shaking investor confidence in the U.S. economic outlook. The benchmark three-month copper contract on the London Metal Exchange (LME) rose 1.2% to $9,298 per metric ton, briefly reaching $9,333 per metric ton, the highest price recorded since 4 April 2025. Trading on the London Metal Exchange (LME) resumed following a two-day closure for the Easter Holiday. On the Shanghai Futures Exchange (SHFE), the most actively traded copper contract advanced 0.9% to approximately $10,549.64 per metric ton. A weakening dollar typically makes U.S. dollar-denominated commodities more attractive to buyers using other currencies. In a Truth Social post published on Monday, U.S. President Donald Trump escalated his attack on Federal Reserve Chair Jerome Powell, referring to him as a “major loser” and demanding an immediate reduction in interest rates, warning that failure to act could lead to an economic slump. Confidence in U.S. financial markets continues to erode as U.S. President Donald Trump’s economic policies raise concerns over the stability of the global economic order. In other base metals trading, aluminium on the London Metal Exchange (LME) added 0.6% to $2,379.50 per metric ton, lead climbed 0.9% to $1,940 per metric ton, tin surged 1.6% to $31,135 per metric ton, zinc increased 0.8% to $2,596.50 per metric ton, and nickel edged up 0.2% to $15,660 per metric ton. On the Shanghai Futures Exchange (SHFE), aluminium slipped 0.2% to approximately $2,732.45 per metric ton, zinc gained 0.3% to about $3,080.52 per metric ton, lead rose 0.06% to around $2,343.85 per metric ton, nickel advanced 0.1% to roughly $17,370.56 per metric ton, and tin dropped 0.6% to approximately $35,650.87 per metric ton.
19-April-2025
Iron ore futures prices fell on Wednesday as the escalating trade tensions between China and the United States fueled concerns about the demand outlook, while optimism for major stimulus measures faded after the release of stronger-than-expected Chinese economic data. The most-traded September iron ore contract on the Dalian Commodity Exchange (DCE) recovered part of its earlier decline but still ended daytime trading 0.14% lower at $96.99 per metric ton, while the benchmark May 2025 iron ore contract on the Singapore Exchange slipped by 1.28% to $97.45 per ton. Data published on Wednesday revealed that China’s economy grew 5.4% year-on-year in Q1 2025, exceeding forecasts, supported by firm consumption and solid industrial output. In the property sector, China’s new home prices remained unchanged in March 2025 compared to the previous month, reflecting an improvement over February 2025 when prices recorded a 0.1% month-on-month decline. Hopes that China would introduce aggressive stimulus measures to counteract the economic impact of United States tariffs and to meet its annual growth target have diminished, putting additional downward pressure on the ferrous sector. Despite the price weakness, there were indications of tighter supply and resilient demand, with Rio Tinto reporting its lowest Q1 2025 iron ore shipments since Q1 2019 and warning that further weather-related disruptions could affect its 2025 forecast, while Brazilian miner Vale produced 67.7 million metric tons of iron ore in Q1 2025, a 4.5% decrease from Q1 2024. Meanwhile, China’s crude steel output rose by 4.6% year-on-year in March 2025, supported by higher profit margins and robust export activity. Other steelmaking materials traded on the Dalian Commodity Exchange (DCE) showed mixed trends, with coking coal falling 0.77% and coke rising 0.26%. Steel benchmarks on the Shanghai Futures Exchange weakened, with rebar prices declining 1.06%, hot-rolled coil dropping 1.05%, wire rod falling 0.72%, and stainless steel edging down 0.08%. Steel demand has shown early signs of softening since last week, and the impact of trade tensions on steel exports is expected to become more visible by May 2025.
16-April-2025
China’s imports of iron ore declined to 93.97 million tons in March 2025, down from 94.21 million tons in February 2025 and representing a 6.7% decrease compared to March 2024. For Q1 2025, iron ore arrivals totaled 285.31 million tons, marking a 7.8% drop from Q1 2024. A major factor contributing to the weakness in iron ore imports was weather-related disruptions in Australia, which accounts for approximately two-thirds of China’s total iron ore imports. Australian exports of iron ore to China fell to 50.5 million tons in February 2025, the lowest level since 2020. Many cargoes loaded in February 2025 would have arrived in China in March 2025. However, cargoes loaded in March rebounded to 67.61 million tons, suggesting that April 2025 imports may show improvement. Coal imports across all grades reached 114.85 million tons in Q1 2025, a 0.9% decrease from Q1 2024. As with iron ore, coal shipments from Australia—China’s second-largest coal supplier after Indonesia—were affected by weather disruptions. Australia’s coal exports to China dropped to 3.74 million tons in February 2025, a two-year low. While they recovered to 6.17 million tons in March 2025, this figure remained below the 2024 monthly average of 6.7 million tons. Additionally, a decline in Chinese domestic coal prices encouraged power utilities to opt for local supplies, a trend expected to continue, thereby applying further downward pressure on coal import volumes. Copper imports also softened in Q1 2025, with unwrought copper arrivals falling 5.2% to 1.3 million tons. However, the copper market was also influenced by a temporary factor—shipments to the United States increased as traders aimed to benefit from higher U.S. prices in anticipation of an import tariff on the critical industrial metal. With the United States absorbing more cargoes, Chinese buyers opted to reduce their imports and wait for potentially lower prices once the situation regarding US President Donald Trump’s proposed tariffs became more certain. The overall trend in China’s Q1 2025 commodity imports indicates softness. Even where there were signs of strength—such as in crude oil arrivals in March 2025—these were largely driven by temporary influences. The outlook remains uncertain, particularly in light of US President Donald Trump’s current 145% tariff on U.S. imports from China, which, if sustained, will present additional challenges for China in achieving its economic growth target of around 5% for 2025.
16-April-2025
Iron ore futures prices remained confined within a narrow range on Tuesday, as iron ore traders awaited the release of additional economic data from China, the top consumer, to gain clearer insight into demand prospects and potential stimulus measures. The most-traded September iron ore contract on the Dalian Commodity Exchange (DCE) ended daytime trading 0.99% higher at $97.5 per metric ton. Meanwhile, the benchmark May 2025 iron ore contract on the Singapore Exchange recovered earlier losses to trade 0.48% higher at $98.6 per ton. China is set to release a series of economic indicators and industrial metals output data on Wednesday. Conflicting market signals have clouded the demand outlook for iron ore, a crucial steelmaking material, causing prices to fluctuate within a limited band. Near-term iron ore demand continues to be supported by relatively high hot metal output, helping to stabilize prices despite rising trade tensions between China and the United States. However, unless there is significant positive news for the steel sector, it is unlikely that hot metal output will exceed 2.45 million tons. While China’s steel exports in March 2025 exceeded expectations by surpassing 10 million tons, shipments in the second half of 2025 are expected to come under pressure due to escalating trade frictions driven by the increased tariffs imposed by U.S. President Donald Trump. China’s gross domestic product growth is projected to reach 3.4% by 2025. A potentially slower pace of economic expansion in China may weaken demand for industrial metals. Other steelmaking inputs on the Dalian Commodity Exchange (DCE) also recorded gains, with coking coal rising 0.72% and coke climbing 2.02%. Most steel benchmarks on the Shanghai Futures Exchange declined. Rebar slipped 0.19%, hot-rolled coil fell 0.34%, wire rod (SWRcv1) dropped 0.71%, while stainless steel rose 0.47%.
16-April-2025
Pilbara Ports recorded a total monthly throughput of 69.5 million tonnes (Mt) for March 2025, representing a 3 per cent increase compared to March 2024. The Port of Port Hedland reported a monthly throughput of 51.5Mt, including 65.6Mt of iron ore exports. This reflected a 2 per cent rise in total throughput compared to March 2024. Imports via the Port of Port Hedland reached 171,000 tonnes, marking a 4 per cent increase from March 2024. The Port of Dampier reported a total throughput of 15.7Mt, which was a 1 per cent decline from March 2024. Imports through the Port of Dampier were 93,000 tonnes, showing a 23 per cent drop compared to March 2024. Throughput fluctuations are influenced by several factors, such as shifts in market conditions, port maintenance activities, and the operational requirements of proponents. Since 1 July 2024, the total throughput across all ports stands at 567.1Mt.
15-April-2025
China’s iron ore imports in March 2025 declined slightly from the previous month, reaching a 20-month low and going against analysts’ expectations that monthly shipments would rebound as weather-related supply disruptions subsided. The world’s largest iron ore consumer imported 93.97 million metric tons of the key steelmaking raw material in March 2025, marking the lowest monthly volume since July 2023. This represented a decrease of 0.25% from the 94.21 million tons recorded in February 2025, when cyclones in major supplying country Australia disrupted shipments, and a 6.7% drop from the 100.72 million tons imported in February 2024. The March 2025 iron ore import volume also came in well below market forecasts, which had anticipated over 100 million tons. “March 2025 imports missed our expectations,” analysts stated. The shortfall is likely attributed to the lingering effects of February 2025’s weather-related disruptions. As a result of the lower-than-expected March 2025 import volume, portside iron ore inventory declined by 2.6%, while seaborne iron ore prices increased by 2.5%. It is believed that some cargoes may have already arrived but had not yet cleared customs and were therefore excluded from the March 2025 import data. Based on this, analysts expect April 2025 imports to exceed 100 million tons. In Q1 2025, China’s total iron ore imports fell by 7.8% year-on-year to 285.31 million tons. For April 2025, analysts project iron ore import volumes to range between 100 million and 106 million tons, as iron ore miners accelerate shipments to meet their annual goals. Meanwhile, China’s steel product exports in March 2025 increased by 5.76% year-on-year to 10.46 million tons, driven by front-loaded shipments amid rising concerns over global trade tensions following the inauguration of U.S. President Donald Trump in January 2025. This brought total steel exports in Q1 2025 to 27.43 million tons, the highest for the first quarter since 2016, reflecting an annual growth of 6.3%, according to customs data. On the other hand, China’s steel imports in April 2025 dropped by 18.8% year-on-year to 501,000 tons. From January to March 2025, total steel imports declined by 11.3% compared to the same period in the previous year, reaching 1.55 million tons.
14-April-2025
Iron ore futures edged higher on Monday, supported by encouraging economic data from top consumer China, although ongoing demand concerns stemming from the escalating trade tensions between the United States and China limited the overall gains. The most-traded September 2025 iron ore contract on the Dalian Commodity Exchange (DCE) closed daytime trading with a 0.28% increase at $96.68 per metric ton. Meanwhile, the benchmark May 2025 iron ore contract on the Singapore Exchange rose by 0.6% to $97.7 per ton. In March 2025, new bank loans in China rebounded more strongly than expected, recovering from a sharp decline in February 2025. This resurgence comes as policymakers reaffirm their commitment to implementing stimulus measures to support the world’s second-largest economy amid a deepening trade conflict with the United States. However, the surprisingly strong loan data tempered expectations for additional stimulus, as stronger data typically reduces the urgency for further policy support. Prices of the essential steelmaking raw material were further bolstered by lower-than-anticipated iron ore imports in March 2025, along with solid near-term demand. China’s iron ore imports declined in March 2025 compared to the previous month, reaching a 20-month low and defying analysts’ projections of a rebound following the easing of weather-related supply disruptions. Average daily hot metal output—a key indicator of iron ore demand—increased for the seventh consecutive week, reaching a 17-month high of 2.4 million tons as of 10 April 2025. However, hot metal output is expected to peak in the next two weeks before declining, affected by seasonally weaker demand. Other steelmaking inputs on the Dalian Commodity Exchange (DCE) also posted gains, with coking coal rising by 0.84% and coke advancing by 1.21%. Most steel benchmarks on the Shanghai Futures Exchange saw upward movement as well. Rebar remained unchanged, hot-rolled coil climbed 0.22%, stainless steel gained 0.87%, and wire rod edged up by 0.33%.
13-April-2025
Iron ore futures moved sideways on Friday but remained on course for a weekly decline, as intensifying trade tensions between the United States and China – the two largest economies in the world – cast uncertainty over demand prospects. The most-traded September iron ore contract on the Dalian Commodity Exchange (DCE) ended daytime trading 0.71% higher at $96.70 per metric ton, while still recording a weekly loss of 4.8%. The benchmark May iron ore contract on the Singapore Exchange was down 0.14% at $97 per ton as of 0705 GMT, bringing its cumulative decline for the week to 4.8%. United States President Donald Trump raised tariffs on Chinese imports to 125%, shortly after China retaliated by increasing tariffs on American goods from 34% to 84%. Concerns persisted about whether China would impose even higher tariffs in response. Trade tensions showed no indication of easing, and a worst-case scenario could potentially push the global economy into a recession. This broader uncertainty has dampened sentiment in the metals market, despite a brief relief following Donald Trump’s unexpected decision to implement a 90-day pause on the steep tariffs for trading partners that had not retaliated. Nonetheless, firm near-term demand for iron ore and optimism surrounding possible stimulus measures helped cap the losses. Average daily hot metal production, commonly used as an indicator of iron ore demand, rose for the seventh straight week, increasing by 0.6% from the previous week to reach a 17-month high of 2.4 million tons as of 10 April 2025. Other steelmaking materials on the Dalian Commodity Exchange (DCE) continued to decline, with coking coal falling 2.72% and coke dropping 1.42%. Most steel benchmarks on the Shanghai Futures Exchange recorded gains. Rebar increased by 0.26%, stainless steel rose by 0.4%, wire rod advanced by 0.21%, while hot-rolled coil edged down by 0.12%.
12-April-2025
Iron ore futures rebounded on Thursday, as the escalating trade war between China and the United States raised expectations of more aggressive stimulus measures from China to mitigate the effects of the steep tariffs. On Wednesday, top metals consumer China, in response to United States President Donald Trump increasing tariffs on Chinese goods to 104%, raised tariffs on United States imports to 84%, up from the previous 34%. Donald Trump then responded with an even higher 125% tariff. The most actively traded September iron ore contract on the Dalian Commodity Exchange (DCE) closed daytime trading up by 3.06% at $96.30 per metric ton, after hitting its lowest level in over six months on Wednesday. The benchmark May iron ore contract on the Singapore Exchange rose by 1.76% to $96.45 per ton, reaching an intraday high of $99.50 during the session. The potential for a prolonged trade conflict has further fueled expectations that Beijing may introduce more forceful stimulus actions. China is under pressure to implement more proactive macroeconomic policies swiftly, as external shocks have strained its economic stabilization efforts. Other steelmaking ingredients traded on the Dalian Commodity Exchange (DCE) were mixed, with coking coal declining by 0.38% and coke rising by 1.91%. Most steel benchmarks on the Shanghai Futures Exchange saw gains, with rebar and hot-rolled coil climbing 2.01%, and wire rod increasing by 3.49%. Stainless steel declined by 0.28%. Meanwhile, in a surprising reversal, United States President Donald Trump announced a 90-day pause on the steep tariffs for trading partners that did not impose retaliatory measures. This move improved market sentiment and led to a surge in metals prices. However, China’s steel exports this year may drop below 70 million tons due to the escalating trade tensions. Despite this, exports are not expected to decline in the first half of 2025 due to front-run ship activity. In 2024, China’s steel exports reached a nine-year high of 110.72 million tons.
8-April-2025
Iron ore futures declined on Monday, affected by reciprocal tariffs between the U.S. and China, the largest consumer, which have escalated the global trade conflict. The most actively traded May iron ore contract on the Dalian Commodity Exchange (DCE) closed the daytime trading session down 3.36% at $104.31 per metric ton. At one point during the session on the Dalian Commodity Exchange (DCE), prices dropped to $103.17, marking their lowest level since 21 March 2025. Meanwhile, the benchmark May iron ore on the Singapore Exchange fell 2.8% to $97.8 per ton by 0752 GMT, with prices reaching a near-three-month low of $96.4 earlier in the session. Newly imposed U.S. tariffs are expected to exert downward pressure on iron ore prices in the near term. On Monday, Chinese stocks plummeted as tensions escalated between the world’s two largest economies, posing a threat to international trade flows and potentially slowing global demand. In response to U.S. President Donald Trump’s implementation of a 34% tariff on most Chinese goods, China retaliated last Friday by imposing an additional 34% tariff on all U.S. imports. This trade conflict has mitigated the impact of increasing demand for iron ore, even as steelmakers boost production for the peak construction period in March and April 2025. Hot metal production, a key indicator of iron ore demand, saw a monthly increase of 14,500 tons, reaching 2.3873 million tons. Other steelmaking components traded on the Dalian Commodity Exchange (DCE) also experienced declines, with coking coal and coke decreasing by 2.06% and 2.21%, respectively. On the Shanghai Futures Exchange, steel benchmarks declined, with rebar falling 2.59%, hot-rolled coil dropping about 3%, wire rod decreasing 3.5%, and stainless steel declining 3.87%.
4-April-2025
Iron ore futures saw a slight decline on Thursday following U.S. President Donald Trump’s announcement of a comprehensive set of reciprocal tariffs, although the seasonal demand for this crucial steelmaking component mitigated the fall. The most-traded May iron ore contract on the Dalian Commodity Exchange (DCE) in China closed the daytime trading session 0.32% lower at $108.05 per metric ton. Meanwhile, the benchmark May iron ore contract on the Singapore Exchange dropped by 0.84% to $101.95 per ton as of 0707 GMT. The tariffs introduced by U.S. President Donald Trump were unexpectedly stringent and are expected to impact the ferrous markets significantly. On Wednesday, President Trump announced a minimum 10% tariff on most goods imported into the United States, with significantly higher rates on products from numerous countries, exacerbating a trade war that could escalate inflation and hinder economic growth both in the U.S. and globally. Chinese imports are particularly affected, facing a new 34% tariff, which brings the total new duty to 54%. In response, China called for the immediate cancellation of the new U.S. tariffs on Thursday and declared its intent to take countermeasures to protect its interests. Despite these challenges, steelmakers have increased production during the peak construction months of March and April, helping to stabilize prices. The demand for imported iron ore in China is anticipated to stay robust through April as an uptick in steel consumption is likely to prompt steelmakers to increase their production of hot metal. On the supply side, iron ore exports have decreased by 17% year-over-year due to the current cyclone season in Australia. Other steelmaking components traded on the Dalian Commodity Exchange also experienced declines, with coking coal and coke decreasing by 0.2% and 0.64%, respectively. On the Shanghai Futures Exchange, most steel benchmarks recorded losses, with rebar down 0.19%, hot-rolled coil declining 0.63%, stainless steel dropping 0.92%, and wire rod marginally rising nearly 0.4%. China’s financial markets will observe a public holiday on Friday, with trading set to resume on Monday, April 7, 2025.
2-April-2025
On Monday, iron ore futures declined, influenced by concerns about demand from China, the largest consumer, after local steelmakers reduced production, leading to lower demand for the ore. The most actively traded May iron ore contract on the Dalian Commodity Exchange (DCE) in China dropped by 1.47%, closing the Asia afternoon trading session at $106.59 per metric ton at 0700GMT. China has announced plans to reduce steel production due to overcapacity issues. Although no official statement has been made yet, some steelmakers have preemptively cut production in anticipation of a formal policy, which has subsequently decreased the demand for iron ore. Additionally, concerns about demand have been exacerbated by the potential escalation of a global trade war, triggered by new U.S. tariffs, adding further pressure on prices. Other raw materials used in steelmaking also saw declines on the Dalian Commodity Exchange (DCE); coking coal and coke fell by 3.42% and 2.19%, respectively. Across the Shanghai Futures Exchange, most steel-related benchmarks experienced drops: rebar decreased by 1.03%, hot-rolled coil went down by 0.79%, wire rod decreased by 0.79%, and stainless steel fell by 0.85%.
1-April-2025
Chile’s Codelco, the largest copper producer in the world, is shifting some of its spot sales toward the United States. This change comes in the wake of U.S. President Donald Trump’s February directive to investigate potential new tariffs on copper imports to boost U.S. production, which seemingly triggered a surge in copper purchases. Analysts, however, do not foresee any sanctions or tariffs being imposed on copper, and they expect copper demand to remain strong in the long term due to its solid fundamentals. Codelco is actively meeting the requirements of its U.S. clients by reallocating a portion of its spot sales. The state-owned company, Codelco, reported that its production reached 1.328 million metric tons, slightly higher than the 1.325 million tons recorded in 2023 and within the projected target range. Starting in August, Codelco began reporting production figures that exceeded those of the previous year. In 2024, Codelco successfully emerged from a period of lower production, having reduced costs and addressed several longstanding issues at some of its major complexes. Additionally, Codelco announced that production is slated to commence at its Andesite and Andes Norte divisions in 2025, with expected copper output ranging from 1.37 million to 1.4 million tons. Codelco also reiterated plans to initiate a joint venture with lithium producer SQM in 2025. Furthermore, Codelco anticipates selecting a partner for the Maricunga lithium project in Q2 2025.
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