IRON ORE DAILY: 65% Fe fines at 6-year peak amid firm demand from mills

Market participants believe that the strong demand from steelmakers has prompted seaborne iron ore prices to rise sharply on Tuesday August 18, Fastmarkets heard.

Fastmarkets iron ore indices 
62% Fe fines, cfr Qingdao: $128.57 per tonne, up $6.63 per tonne.
62% Fe low-alumina fines, cfr Qingdao: $127.08 per tonne, up $5.58 per tonne.
58% Fe fines high-grade premium, cfr Qingdao: $113.15 per tonne, up $5.18 per tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $134.80 per tonne, up $6.30 per tonne.
62% Fe fines, fot Qingdao: 942 yuan per wet metric tonne (implied 62% Fe China Port Price: $125.93 per dry tonne), up by 10 yuan per wmt
Key drivers
The 65% Fe fines index set a new six-year peak as a result of a transaction for a cargo of Iron Ore Carajas at around $6.10-per-tonne higher than the last known traded price of $128.70 per tonne on August 12.

The last time the 65% Fe index was above the $134-per-tonne mark was...

Published

Alex Theo

August 18, 2020

11:25 GMT

Singapore