IRON ORE DAILY: Buyers cautious of high steel stocks; Chinese ports see rise in interest for low-grade fines

Seaborne iron ore prices were rangebound on Friday February 14, while there were more transaction for low-grade iron ore fines at Chinese ports.

Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $88.67 per tonne, up $0.11 per tonne.
62% Fe Pilbara Blend fines, cfr Qingdao: $88 per tonne, up $0.11 per tonne.
62% Fe low-alumina fines, cfr Qingdao: $89.79 per tonne, up $0.05 per tonne.
58% Fe fines high-premium, cfr Qingdao: $76.72 per tonne, up $0.08 per tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $103.40, down $0.10 per tonne.
62% Fe fines, fot Qingdao: 640 yuan per wet metric tonne (implied 62% Fe China Port Price: $83.81 per dry tonne), down 2 yuan per wet metric tonne.
Key drivers
Market bearishness over earlier data released on high steel inventory lingered, prompting buyers to remain cautious that demand could weaken further.

Some traders believe that...

Published

Alex Theo

February 14, 2020

12:03 GMT

Singapore