IRON ORE DAILY: Prices increase despite limited Chinese buying

Physical iron ore prices continued to advance toward $80 per tonne cfr on Tuesday January 29 despite limited trading activity in China while the Lunar New Year approaches.

MB 62% Fe Iron Ore Index: $78.69 per tonne cfr Qingdao, up $0.51 per tonne. MB 62% Fe Pilbara Blend Fines Index: $79.53 per tonne cfr Qingdao, up $0.51 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $80.19 per tonne cfr Qingdao, up $0.38 per tonne. MB 58% Fe Premium Index: $71.59 per tonne cfr Qingdao, up $0.76 per tonne. MB 65% Fe Iron Ore Index: $92.20 per tonne cfr Qingdao, up $0.60 per tonne. MB 62% Fe China Port Price Index: 592 yuan per wet metric tonne (implied 62% Fe China Port Price $78.05 per dry tonne), up 7 yuan per wet metric tonne. Key drivers China’s iron ore futures have continued to trend upward since Monday night, while the swaps contracts on the Singapore Exchange also made further gains on Tuesday. These deals were made despite the lackluster performance in the futures and spot steel markets in China, as...

Published

July Zhang

Alex Theo

January 29, 2019

12:50 GMT

Shanghai, Singapore