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Commodity Market Report 30 April 2021

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Report summary

Another month, another record price for iron ore! The benchmark 62% fines index broke through $193/t on April 27th, a few cents higher than the previous all time high recorded in February 2011. Back then the 90th percentile of the cost curve was well above $100/t, today it’s more like $60/t: this is a bonanza for the iron ore industry on a scale we’ve never seen! The market for high grade iron ore and direct charge feed is particularly hot as steel mills focus on maximising productivity in response to high steel prices and margins. Read our monthly update for the latest analysis on short term supply/demand dynamics and price outlook.

Benchmark index hits a new all time high
Technical indicators – resistance broken as booming steel prices and margins drive iron ore to new highs
China – still booming!
Imports are powering ahead
Demand recovery underway in the world ex-China
India - a strong start but risks are rising
Brazilian supply – all eyes on Vale’s road to recovery
Australian supply – a strong start to 2021, but can it last?
Chinese domestic ore production remains high
Indian supply – on the rise!
Inventories – Chinese p ort stocks are trending higher
Freight – short-term sentiment for capes remains strong