IRON ORE DAILY: Seaborne prices rangebound amid near-term demand outlook uncertainty

Seaborne iron ore prices observed rangebound movements on Wednesday July 15 amid uncertainty surrounding the near-term demand on steel because of the flooding caused by heavy rainfalls in southern China.

Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $112.30 per tonne, down $0.18 per tonne.
62% Fe low-alumina fines, cfr Qingdao: $114.11 per tonne, down $0.15 per tonne.
58% Fe fines high-grade premium, cfr Qingdao: $99.88 per tonne, down $0.18 per tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $123.90 per tonne, up $0.50 per tonne.
62% Fe fines, fot Qingdao: 858 yuan per wet metric tonne (implied 62% Fe China Port Price: $113.46 per dry tonne), down by 2 yuan per wmt.
Key drivers

The most-traded September iron ore contract on the Dalian Commodity Exchange (DCE) started the morning trading session with a drop, shaving off as much as 1.5% compared with the previous day’s closing value before the mid-day break, but the contract managed to recover toward the close of the afternoon trading session, eventually ending around 0.18% lower...

Published

Alex Theo

July 15, 2020

13:10 GMT

Singapore