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...


July Zhang

Alex Theo

October 30, 2019

14:15 GMT

Singapore, Shanghai