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Grange Resources Limited (ASX: GRR) share price closed 8.82% higher at 37 cents today. This leaves the company’s shares sitting just shy of the 52-week high which it hit in this morning’s trade.
Quarterly highlights from Grange Resources
The company reported an increase in pellet sales for the December quarter to 754kt compared with 422kt in September. Thanks to record iron ore prices, the company’s average received payment for the quarter increased to $236.77/t. The average price for the September quarter was $182.49/t.
Grange Resources reported cash and liquid investments of $202.9 million and trade receivables of $79.3 million for the December quarter. This was a boost from the September quarter which reported $175.5 million in cash and liquid investments with trade receivables totalling $13.5 million.
Iron ore in 2021 is looking like… iron ore in 2020
The fate of the market for iron ore Australia’s most valuable export at $102bn in the 2019-2020 financial year is squarely in the hands of its largest customer, China according to ASX news site StockHead.
As the world’s largest producer of steel at 1.1 billion tonnes in 2020, China consumes massive volumes of iron ore, much of it shipped from Australia.
“China usually accounts for ~70 per cent of the world’s iron ore imports,” said analysts at the Commonwealth Bank of Australia in a December report.
This market share has risen to as high as 75 per cent in the first nine months of 2020, as China’s rapid post-COVID-19 economic recovery led it to suck in more imports of the reddish ore.