IRON ORE DAILY: Seaborne iron ore prices jump on yuan appreciation, low shipments

Seaborne iron ore prices strengthened further on Tuesday January 14 amid continued appreciation of the yuan against the dollar and lower shipments from Australia and Brazil.

62% Fe fines, cfr Qingdao: $97.03 per tonne, up $1.10 per tonne.
62% Fe Pilbara Blend fines, cfr Qingdao: $96.07 per tonne, up $1.10 per tonne.
62% Fe low-alumina fines, cfr Qingdao: $97.53 per tonne, up $1.33 per tonne.
58% Fe fines high-premium, cfr Qingdao: $83.15 per tonne, up $1.96 per tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $110 per tonne, up $2.50 per tonne.
62% Fe fines, fot Qingdao: 700 yuan per wet metric tonne (implied 62% Fe China Port Price: $93.18 per dry tonne), up 11 yuan per wet metric tonne.
Key drivers

Iron ore derivatives sustained the upward momentum during the day, with the February 62% Fe contract on the Singapore Exchange rising to trade around $95 per tonne cfr as at 6.15pm Singapore time, compared with the settlement level of $93.14 per tonne on Monday.
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Published

July Zhang

January 14, 2020

11:39 GMT

Shanghai