IRON ORE DAILY: Prices soften as buying slows before holiday

Seaborne iron ore prices fell further on Wednesday January 23 with offers continuing to outnumber bids.

MB 62% Fe Iron Ore Index: $74.48 per tonne cfr Qingdao, down by $0.30 per tonne. MB 62% Fe Pilbara Blend Fines Index: $75.32 per tonne cfr Qingdao, down by $0.30 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $75.84 per tonne cfr Qingdao, up by $0.06 per tonne. MB 58% Fe Premium Index: $65.94 per tonne cfr Qingdao, down by $0.44 per tonne. MB 65% Fe Iron Ore Index: $88.70 per tonne cfr Qingdao, down by $0.20 per tonne. MB 62% Fe China Port Price Index: 568 yuan per wet metric tonne (implied 62% Fe China Port Price $74.08 per dry tonne), down by 7 yuan per wmt. Key drivers Chinese steelmakers have largely completed iron ore restocking in preparation for the Lunar New Year holiday in early February, so buying interest has cooled for both seaborne and port cargoes, according to sources. Offers for seaborne shipments remained ample in the market, especially for Pilbara Blend...

Published

July Zhang

Alex Theo

January 23, 2019

13:00 GMT

Shanghai, Singapore