IRON ORE DAILY: Prices rebound on easing fears over US-China tensions

Iron ore prices mostly rose on Tuesday July 28 after trading sentiment recovered due to an easing in tensions between the United States and China.

Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $106.66 per tonne, down $1.02 per tonne
62% Fe low-alumina fines, cfr Qingdao: $109.79 per tonne, up $0.13 per tonne
58% Fe fines high-grade premium, cfr Qingdao: $95.55 per tonne, up $1.11 per tonne
65% Fe Brazil-origin fines, cfr Qingdao: $119.40 per tonne, unchanged
62% Fe fines, fot Qingdao: 853 yuan per wet metric tonne (implied 62% Fe China Port Price: $112.70 per dry tonne), up by 3 yuan per wmt
Key drivers
The iron ore futures market recovered from two consecutive days of lower closes on the Dalian Commodity Exchange, with the most-traded September futures contract increasing by 0.68%.
Meanwhile, the iron ore swaps on the Singapore Exchange increased by $0.71 and $0.63 per tonne for August and September contracts respectively by 6pm.

Sources said the lack of further...

Published

Zihao Yu

July 28, 2020

12:02 GMT

Singapore