IRON ORE DAILY: Prices stabilize as market awaits clear direction

The seaborne iron ore market cooled down on Thursday March 26 after gaining ground for two consecutive days, with the lower prices in line with a softer futures curve for rebar.

Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $86.77 per tonne, down $0.57 per tonne 
62% Fe low-alumina fines, cfr Qingdao: $87.64 per tonne, down $1.18 per tone
58% Fe fines high-grade premium, cfr Qingdao: $75.62 per tonne, down $0.73 per tonne. 
65% Fe Brazil-origin fines, cfr Qingdao: $102.20 per tonne, down $1.20 per tonne 
62% Fe fines, fot Qingdao: 668 yuan per wet metric tonne (62% Fe China Port Price: $86.24 per dry tonne), unchanged.
Key drivers

Crude steel production by members of the China Iron & Steel Association (Cisa) stood at 1.84 million tonnes over the March 11-20 period, up 1.55% compared with the previous 10-day period. Steel inventories at plants fell 7.40% in the same comparison to 19.82 million tonnes.
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Published

Deepali Sharma

Karen Shi

March 26, 2020

12:11 GMT

Singapore