IRON ORE DAILY: 65/62% Fe spread narrows with steel price dip

Seaborne iron ore prices were rangebound on Thursday November 28, while the 65/62% Fe spread narrowed amid losses in steel prices and profits.

Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $88.11 per tonne, up $0.55 per tonne.
62% Fe Pilbara Blend fines, cfr Qingdao: $87.20 per tonne, down $0.39 per tonne.
62% Fe low-alumina fines, cfr Qingdao: $88 per tonne, up $0.97 per tonne.
58% Fe fines high-premium, cfr Qingdao: $77.43 per tonne, up $0.11 per tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $99.80 per tonne, up $0.20 per tonne. 
62% Fe fines, fot Qingdao: 659 yuan per wet metric tonne (implied 62% Fe China Port Price, $85.86 per dry tonne), down 2 yuan per wet metric tonne.
Key drivers
China’s steel and iron ore futures were rangebound for the most of the day before a spike ahead of the 3pm close.


July Zhang

November 28, 2019

12:00 GMT