IRON ORE DAILY: Seaborne prices correct downward but demand still strong

Seaborne iron ore prices went through corrections on Thursday May 23 after jumping to more than $105 per tonne cfr China a day earlier, but Chinese steelmakers’ demand for the material remained robust.

MB 62% Fe Iron Ore Index: $103.79 per tonne cfr Qingdao, down by $1.99 per tonne. MB 62% Fe Pilbara Blend Fines Index: $101.98 per tonne cfr Qingdao, down by $1.99 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $107.90 per tonne cfr Qingdao, down by $0.36 per tonne. MB 58% Fe Premium Index: $95.25 per tonne cfr Qingdao, up by $0.05 per tonne. MB 65% Fe Iron Ore Index: $118.50 per tonne cfr Qingdao, down by $0.70 per tonne. MB 62% Fe China Port Price Index: 738 yuan per wet metric tonne (implied 62% Fe China Port Price $98.29 per dry tonne), up by 1 yuan per wmt. Key drivers China’s steel futures weakened into negative territory during the day, while iron ore contracts managed to strengthen slightly. Spot iron ore trading at Chinese ports was more active on Thursday than it was a day earlier, and transaction prices were stronger. Although steel mills still needed material...

Published

Deepali Sharma

July Zhang

May 23, 2019

13:22 GMT

Shanghai, Singapore