IRON ORE DAILY: Prices jump on Vale sales target cut, Rio force majeure

Iron ore prices advanced on Friday March 29 amid a mixture of news positive for prices.

MB 62% Fe Iron Ore Index: $86.81 per tonne cfr Qingdao, up $2.13 per tonne. MB 62% Fe Pilbara Blend Fines Index: $85.93 per tonne cfr Qingdao, up $2.13 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $88.82 per tonne cfr Qingdao, up $1.89 per tonne. MB 58% Fe Premium Index: $78.14 per tonne cfr Qingdao, up $1.17 per tonne. MB 65% Fe Iron Ore Index: $99.30 per tonne cfr Qingdao, up $2.90 per tonne. MB 62% Fe China Port Price Index: 631 yuan per wet metric tonne (implied 62% Fe China Port Price $83.34 per dry tonne), up 8 yuan per wet metric tonne. Key drivers Brazilian miner Vale said on Thursday that it expected to ship 307-332 million tonnes of iron ore in 2019, down 50-75 million tonnes from an earlier target, due to mine closures after a dam accident in January. It does not expect a significant increase in the supply of high-grade...

Published

Alex Theo

March 29, 2019

12:50 GMT

Shanghai, Singapore