IRON ORE DAILY: Seaborne prices up with focus shifting to South Africa

Seaborne iron ore prices strengthened on Tuesday March 24 after a massive drop of nearly $7 per tonne the previous day, with market participants awaiting clarity on the impact of the 21-day lockdown in South Africa on iron ore operations in the country.

Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $83.97 per tonne, up $2.90 per tonne
62% Fe low-alumina fines, cfr Qingdao: $85.50 per tonne, up $3.33 per tone
58% Fe fines high-grade premium, cfr Qingdao: $74.76 per tonne, up $4.12 per tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $102.10 per tonne, up $5.40 per tonne
62% Fe fines, fot Qingdao: 647 yuan per wet metric tonne (62% Fe China Port Price: $83.48 per dry tonne), down 5 yuan per wmt.
Key drivers
Futures prices on the Singapore Exchange and Dalian Commodity Exchange both moved up during the day, following steep losses the previous day that some participants described as a result of panic selling.

Fixed price transactions picked up on Tuesday, though the market’s focus remained on the supply uncertainty from South Africa following the 21-day nationwide lockdown in the...

Published

Karen Shi

Zihao Yu

March 24, 2020

12:10 GMT

Singapore