IRON ORE DAILY: Seaborne prices were rangebound, supply concerns at Chinese ports

Movements in prices for seaborne iron ore were rangebound on Thursday July 9, with concerns coming to light over the limited port inventories of some low- and mid-grade iron ore fines brands, according to market participants.

Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $106.32 per tonne, down by $0.18 per tonne.
62% Fe low-alumina fines, cfr Qingdao: $108.30 per tonne, up by $0.02 per tonne.
58% Fe fines high-grade premium, cfr Qingdao: $94.83 per tonne, up by $0.32 per tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $118.50 per tonne, up by $0.20 per tonne.
62% Fe fines, fot Qingdao: 822 yuan per wet metric tonne (implied 62% Fe China Port Price: $108.30 per dry tonne), up by 2 yuan per wmt.
Key drivers
Concerns over inventory levels at the Chinese ports have sparked bullish sentiment on seaborne prices this week, while the East Asian country pushes for economic recovery, according to several analysts.

“Inventory levels for [iron ore fines] products such as Pilbara Blend fines, Newman fines and the various Fortescue Metals Group [FMG] brands...

Published

Alex Theo

July 09, 2020

12:10 GMT

Singapore