IRON ORE DAILY: Prices rebound toward $85 per tonne after big drop

Seaborne iron ore prices bounced up on Thursday August 22 after a major plunge to almost a seven-month low a day earlier.

Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $84.42 per tonne, up $2.04 per tonne.
62% Fe Pilbara Blend fines, cfr Qingdao: $84.80 per tonne, up $2.04 per tonne.
62% Fe low-alumina fines, cfr Qingdao: $83.13 per tonne, up $2.56 per tonne.
58% Fe fines premium index, cfr Qingdao: $72.69 per tonne, up $1.27 per tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $92.30 per tonne, up $0.70 per tonne.
62% Fe fines, fot Qingdao: 701 yuan per wet metric tonne (implied 62% Fe China Port Price $91.13 per dry tonne), down 10 yuan per wmt.
Key drivers
China’s steel and iron ore futures recorded rangebound movement on Wednesday night and Thursday morning, but rallied in the afternoon following the release of industry data that showed domestic steel production and inventories largely continued to decline.

The benchmark January...

Published

July Zhang

August 22, 2019

13:55 GMT

Shanghai