IRON ORE DAILY: Low-alumina index lifted by strong trade, oversupply concerns still lingering [CORRECTED]

Prices of mid-grade Brazilian fines were up on Wednesday October 30, with a Brazilian Blend fines (BRBF) cargo fetching $85.60 per tonne, although market participants saw little scope for any major correction in mid-grade iron ore prices.

Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $87.13 per tonne, up $0.49 per tonne.
62% Fe Pilbara Blend fines, cfr Qingdao: $86.95 per tonne, up $0.49 per tonne.
62% Fe low-alumina fines, cfr Qingdao: $85.60 per tonne, up $0.35 per tonne.
58% Fe fines high-premium, cfr Qingdao: $75.92 per tonne, down $0.88 per tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $94.80 per tonne, down $0.10 per tonne. 
62% Fe fines, fot Qingdao: 670 yuan per wet metric tonne (implied 62% Fe China Port Price, $86.96 per dry tonne), down by 3 yuan per wet metric tonne.
Key drivers

Market participants were generally still concerned over the growing level of port inventories of mid-grade fines, with record volumes anticipated to be arriving in China over the next week or two from Australia, according to a...

Published

July Zhang

Alex Theo

October 30, 2019

14:15 GMT

Singapore, Shanghai