IRON ORE DAILY: Prices close in on $95/t; Australia braced for potential cyclone in west

Seaborne iron ore prices advanced toward $95 per tonne cfr China on Friday January 3, with several deals concluded amid concerns over potential shipment disruptions in Australia as a result of a potential cyclone near the west coast.

62% Fe fines, cfr Qingdao: $94.60 per tonne, up $0.55 per tonne.
62% Fe Pilbara Blend fines, cfr Qingdao: $93.69 per tonne, up $0.55 per tonne.
62% Fe low-alumina fines, cfr Qingdao: $94.98 per tonne, up $0.63 per tonne.
58% Fe fines high-premium, cfr Qingdao: $80.70 per tonne, up $0.95 per tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $106.50 per tonne, up $1.80 per tonne.
62% Fe fines, fot Qingdao: 692 yuan per wet metric tonne (implied 62% Fe China Port Price: $91.16 per dry tonne), up 2 yuan per wmt.
Key drivers
A tropical low is likely to develop in the coming weekend in a monsoon trough that lies south of Indonesia, according to the Australian Bureau of Meteorology.

The chance of the system reaching tropical cyclone level would increase from Sunday...

Published

July Zhang

January 03, 2020

12:56 GMT

Shanghai