The iron ore market has been on a general uptrend so far in 2019, with prices hitting their highest levels since late April 2014. The market has been focused on the effects exerted by the supply side and especially China's restrictions on blast furnace operations, which may have the greatest influence on prices.
The price spread between 65% Fe iron ore and the 62% Fe equivalent declined during June, to a low of around $10 per tonne, with most sources attributing this to the narrower margins earned by steel mills.The 65% Fe derivatives contract on the Singapore Exchange, which was launched in December 2018 and which is settled against Fastmarkets' daily 65% Fe iron ore index, was stable last month. Traded volumes totaled 954,000 tonnes, compared with 1.54 million tonnes in May.Market newsRio Tinto has lowered the 2019 shipment guidance figure for its Pilbara iron ore operations in Western Australia to 320-330 million tonnes on a 100% basis, it said on June 19. This was down from an estimate of 333-343 million tonnes...