IRON ORE DAILY: Seaborne prices rebound above $80/t amid China restrictions, Vale target cut

Seaborne iron ore prices rose above $80 per tonne cfr on Tuesday November 12 amid advances in the derivatives markets following news on production restrictions in China and Vale’s lower sales target.

Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $81.48 per tonne, up $2.50 per tonne.
62% Fe Pilbara Blend fines, cfr Qingdao: $81.51 per tonne, up $2.50 per tonne.
62% Fe low-alumina fines, cfr Qingdao: $81 per tonne, up $2.70 per tonne.
58% Fe fines high-premium, cfr Qingdao: $70.90 per tonne, up $2.40 per tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $92.30 per tonne, up $2.50 per tonne.
62% Fe fines, fot Qingdao: 625 yuan per wet metric tonne (implied 62% Fe China Port Price, $81.51 per dry tonne), down 2 yuan per wet metric tonne.
Key drivers

China’s steel and iron ore futures spiked on Tuesday morning, with benchmark rebar and hot-rolled coil contracts climbing further in the afternoon while the iron ore contract remained rangebound. The latter ended 2.5% higher than the previous day’s settlement.
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Published

July Zhang

November 12, 2019

13:11 GMT

Shanghai