Iron Ore Prices Inched Up; Aussie Miners Showed Mixed Response On ASX

The iron ore prices inched up today after few Chinese mills rushed up to take advantage of the previous drop in steelmaking raw material price.

The 62% graded iron ore on Chicago Mercantile Exchange rose 0.21% to trade at US$ 98.59 (as on 30th May 2019 AEST 6:27 PM), as compared to its previous close of US$ 98.38.

Tioc1 Daily Chart (Source: Thomson Reuters)

The market participants are expecting the iron ore prices to inch up further amid supply shortage in the global market and a decline in steel inventory in the domestic market of China.

As per the data, the steel inventory in China declined to 12.66 million tonnes (as on 24th May 2019), down by 3.83% as compared to its previously reported level.

Apart from a decline in inventory, few mills in China entered the period of maintenance. Hunan Valin Iron & Steel, a state-owned mill in China has decided to put the production of all lines of the cold-rolled coil into maintenance from 1st June to 10th June. The production loss due to upcoming maintenance is expected by the market to be at 50,000 metric tonnes of the cold-rolled coil and an estimated production loss of 50,000 metric tonnes of rebar steel.

The share prices of significant Australian miners such as Rio Tinto, BHP Billiton, Fortescue Metals, witnessed a drop in the share prices today.

The share prices of Rio Tinto (ASX: RIO), which were previously hovering around its 52-week high dropped significantly from the level of A$104.530 (Day’s close on 29th May 2019) to the level of A$101.050 (Day’s low today). The shares ended the day’s session at the low of the day at A$101.050, down by 3.329 per cent as compared to its previous close.

Another mammoth miner, BHP Billiton (ASX: BHP), a company with high ESG consideration, followed the same trajectory, and the share prices dropped from the level of A$38.560 (Day’s close on 29th May 2019) to the level of A$37.650 (Day’s low today). The shares ended the day’s session on a negative note at A$37.700, down by 1.721% as compared to its previous close.

The share prices of Fortescue Metals Group Limited (ASX: FMG), dropped from the level of A$8.520 (Day’s close on 29th May 2019) to the level of A$7.970 (Day’s low today). The share prices of the company ended the day’s session at A$7.980, down by 3.739% as compared to its previous close.

However, the prices of few miners traded higher on ASX

The share prices of companies such as Mount Gibson, Champion Iron traded on a positive note.

Mount Gibson Iron Limited (ASX: MGX): The shares prices of the company started the day’s session at A$1.24, higher than its previous close of A$1.235. The shares made a high of A$1.260, before settling at A$1.250, up by 1.22% as compared to its previous close.

Champion Iron Limited (ASX: CIA) : The share prices of the company started the day’s session higher from its previous close of A$3.06 at A$3.18. The prices surged on ASX to mark a high of A$3.250, before closing at A$3.200, up by 4.58% as compared to its previous close.


Disclaimer

This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.


Disclaimer
The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.
   
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK