IRON ORE DAILY: Seaborne prices bullish amid better weather; futures strong

Seaborne iron ore prices were up on Thursday August 6 amid better weather conditions in eastern China and the return of demand from the construction sector, according to trader sources.

Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $121.27 per tonne, up by $3.17 per tonne.
62% Fe low-alumina fines, cfr Qingdao: $121.18 per tonne, up by $2.84 per tonne.
58% Fe fines high-grade premium, cfr Qingdao: $105.68 per tonne, up by $2.53 per tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $128.40 per tonne, up by $1.30 per tonne.
62% Fe fines, fot Qingdao: 913 yuan per wet metric tonne (implied 62% Fe China Port Price: $121.80 per dry tonne), up by 13 yuan per wmt
Key drivers
Construction activity in parts of eastern China has resumed after the de-escalation of Typhoon Hagupit, prompting a rise in demand for rebar.
There was still good demand for iron ore among steelmakers because of the continued ramp-up of steel products output, according to trade sources.

Meanwhile, in Chinese iron ore futures, the...

Published

Alex Theo

August 06, 2020

11:50 GMT

Singapore