IRON ORE DAILY: Prices rebound on steel inventory drop

Iron ore prices rose on Thursday March 7 in line with futures market gains following data releases showing a decline in steel inventories in the market.

MB 62% Fe Iron Ore Index: $87.61 per tonne cfr Qingdao, up $0.56 per tonne. MB 62% Fe Pilbara Blend Fines Index: $87.01 per tonne cfr Qingdao, up $0.56 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $90.01 per tonne cfr Qingdao, up $0.93 per tonne. MB 58% Fe Premium Index: $76.36 per tonne cfr Qingdao, up $0.33 per tonne. MB 65% Fe Iron Ore Index: $99.70 per tonne cfr Qingdao, up $1.40 per tonne. MB 62% Fe China Port Price Index: 635 yuan per wet metric tonne (implied 62% Fe China Port Price $84.20 per dry tonne), up 1 yuan per wet metric tonne. Key drivers Chinese steel industry data released on Thursday afternoon showed a decrease in the output of finished steel products as well as diminishing stockpiles at mills and in the market. The latest steel inventory data signals the annual shift in the market from...

Published

July Zhang

Alex Theo

March 07, 2019

11:53 GMT

Shanghai, Singapore