IOCJ-PBF price spread continues to widen, surpassing the 100-Yuan mark

After the Chinese New Year holiday, the IOCJ-PBF price spread widened significantly. As of February 26, the spread had increased by Yuan 31/tonne from pre-holiday (February 12) to Yuan 128/tonne, surpassing the 100-yuan threshold for the first time in the past three months.

Specifically, IOCJ prices rose by Yuan 14/tonne from February 12 to Yuan 878/tonne, driven by limited tradable resources and restocking needs from a few steel mills. Port inventories declined to 12.46 million tonnes, continuing a drawdown trend since late November. In contrast, PBF prices fell by Yuan 17/tonne over