IRON ORE DAILY: Prices sink on faded restocking, steel inventory jump

Physical iron ore prices fell on Thursday January 9 following derivatives losses amid paused restocking from Chinese mills and a big increase in steel inventories.

62% Fe fines, cfr Qingdao: $94.37 per tonne, down $1.85 per tonne.
62% Fe Pilbara Blend fines, cfr Qingdao: $93.46 per tonne, down $1.85 per tonne.
62% Fe low-alumina fines, cfr Qingdao: $95.22 per tonne, down $1.65 per tonne.
58% Fe fines high-premium, cfr Qingdao: $80.48 per tonne, down $1.31 per tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $107.10 per tonne, down $0.90 per tonne.
62% Fe fines, fot Qingdao: 687 yuan per wet metric tonne (implied 62% Fe China Port Price: $90.74 per dry tonne), down 12 yuan per wet metric tonne.
Key drivers
A Chinese data provider published a set of industry data around midday that showed a significant pile-up in finished steel product inventory, especially rebar, in the market and at domestic mills over the past week, despite output reductions.

Another set of data published earlier...

Published

July Zhang

January 09, 2020

12:55 GMT

Shanghai