IRON ORE DAILY: Steelmakers' tepid demand keeps seaborne prices rangebound

The seaborne iron ore index was rangebound on Wednesday January 15 amid tepid demand from steelmakers in China.

Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $96.44 per tonne, down $0.59 per tonne.
62% Fe Pilbara Blend fines, cfr Qingdao: $95.48 per tonne, down $0.59 per tonne.
62% Fe low-alumina fines, cfr Qingdao: $97.11 per tonne, down $0.42 per tonne.
58% Fe fines high-premium, cfr Qingdao: $82.45 per tonne, down $0.70 per tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $109.50 per down $0.50 per tonne.
62% Fe fines, fot Qingdao: 699 yuan per wet metric tonne (implied 62% Fe China Port Price: $92.99 per dry tonne), down 1 yuan per wet metric tonne.
Key drivers
Some market participants believe that many Chinese steelmakers have completed their stockpiling ahead of the week-long Lunar New Year holiday (January 24-30).

Incidentally, trading activity at Chinese ports dipped compared to previous days, likely due to the end of mills' stockpiling...

Published

Alex Theo

January 15, 2020

11:10 GMT

Singapore