Retreating futures fail to shake seaborne iron ore prices

A drop in the futures market stalled iron ore trading activity at Chinese ports, but failed to pull down seaborne prices.

Key drivers China’s ferrous futures tumbled in final hour of morning trading following gains in the previous night. They remained lacklustre in the afternoon; all the benchmark January contracts ended the day negatively. As a result, iron ore transactions at Chinese ports were reported by sources to be either flat – or in the case of those in the earlier part of the day, slightly higher – but buyers retreated to the sidelines in the latter part of the day. In the seaborne market, however, a tender involving Pilbara Blend fines was concluded at a price that is marginally higher than those a day earlier. It was concluded about half a dollar higher than where a mill source in north China had expected...


July Zhang

September 13, 2017

11:34 GMT