The traded volumes of iron ore lump futures fell 35.2% on the month to around 0.515 million mt in May.
Average open interest for the lump futures too dipped 33.5% to around 0.510 million mt in May, the SGX data showed.
There was a slew of purchases seen in the seaborne market for lump amid coke price cuts, however ample availability of direct charge ores has capped the upside on lump premiums.
The front-month June lump futures contract dipped 1.64% on the month to 15 cents/dmtu May 31, compared with 15.25 cents/ dmtu April 28.
Seaborne lump premiums fell from 17.6 cents/dmtu on the month to close at 14 cents/dmtu May 31, according to S&P Global data.
The M1-M2 contracts structure was at a backwardation of 0.5 cents/dmtu in April, and flat for May.
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