IRON ORE DAILY: Prices jump past $70 per tonne cfr on bullish trades

Seaborne iron ore prices surged above the $70 per tonne cfr mark on Friday December 14 amid bullish trading in both physical and futures markets.

MB 62% Fe Iron Ore Index: $70.74 per tonne cfr Qingdao, up $3.09 per tonne. MB 62% Fe Pilbara Blend Fines Index: $70.54 per tonne cfr Qingdao, up $3.62 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $72.17 per tonne cfr Qingdao, up $1.29 per tonne. MB 58% Fe Premium Index: $62.20 per tonne cfr Qingdao, up $1.49 per tonne. MB 65% Fe Iron Ore Index: $85.30 per tonne cfr Qingdao, up $1.80 per tonne. MB 62% Fe China Port Price Index: 544 yuan per wet metric tonne (implied 62% Fe China Port Price $69.71 per dry tonne), up 4 yuan per wet metric tonne. Key drivers China’s benchmark ferrous futures contracts all closed with gains from the settlement levels a day earlier, and the country’s spot rebar and hot-rolled coil prices also gained 10-50 yuan ($1.50-7.30) per tonne in the day. While the January 62% Fe iron ore swaps contract on the Singapore Exchange rose above...

Published

July Zhang

Alex Theo

December 14, 2018

12:45 GMT

Shanghai