IRON ORE DAILY: Supply concerns persist, downstream outlook turns cautiously brighter

Seaborne iron ore prices moved up on Thursday March 12, with a bid for Brazilian Blend Fines coming in at $92 per tonne cfr China - lower than the previous traded price, but higher than some market participant estimates on Wednesday.

Fastmarkets iron ore indices 
62% Fe fines, cfr Qingdao: $90.75 per tonne, up $0.70 per tonne. 
62% Fe low-alumina fines, cfr Qingdao: $92.46 per tonne, up $1.37 per tonne
58% Fe fines high-grade premium, cfr Qingdao: $79.66 per tonne, up 1.18 per tonne. 
65% Fe Brazil-origin fines, cfr Qingdao: $105.30 per tonne, up 0.30 per tonne
62% Fe fines, fot Qingdao: 665 yuan per wet metric tonne (62% Fe China Port Price: $87.60 per dry tonne), down 4 yuan per wmt.
Key drivers
Futures prices on Dalian Commodity Exchange (DCE) gave up the gains made earlier in the day with the World Health Organization having decided that the novel coronavirus (2019-nCoV) outbreak is now considered a pandemic on Wednesday. Futures prices, however, closed higher day on day on Thursday.

In the physical iron ore...

Published

Deepali Sharma

Karen Shi

March 12, 2020

12:12 GMT

Singapore