China's oil prices are expected to rise for the fourth consecutive year after hitting an eight-year high
On March 2, the international oil price rose sharply due to the situation between Russia and Ukraine and other factors. The main brent and WTI contracts rose more than 7 per cent at one point to break through the $110 mark. In the domestic futures market, the main contract of Shanghai crude oil futures hit the daily limit of 7.99% after the opening half an hour, and continued to hit a new high since the listing.
Analysts' view: Behind the surge in international crude oil prices is the increased uncertainty in the energy market as Russia encounters sanctions. International oil prices have been rising, meaning that the next round of domestic refined oil price adjustment is likely to rise, oil prices may rise four times in a row this year. Rising oil prices will increase transportation costs, especially iron ore, a raw material that relies on imports for a large proportion, and prices may rise.
Iron ore futures prices surged, spot increases
On March 3, the spot price of iron ore in Qingdao Port rose sharply, 61%PB powder up 25 to 950 yuan/ton, 58% Australian powder up 25 to 840 yuan/ton, 62.5% Ba powder up 25 to 1065 yuan/ton, 65% Ba powder up 10 to 1160 yuan/ton; Tianjin port iron ore spot prices rose sharply, 61%PB powder up 30 to 965 yuan/ton, PB block up 30 to 1230 yuan/ton, 62.5% Ba powder up 30 to 1070 yuan/ton, 65% ba powder up 30 to 1180 yuan/ton. Futures market, iron ore prices rose more than 9 percent.
Analysts view: by the international iron ore supply tension, the comprehensive impact of rising transportation costs, iron ore prices have significantly increased today, the formation of support for steel costs, good short - and medium-term steel prices.
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