IRON ORE DAILY: Seaborne prices stable, port sales reflect steady demand

Seaborne iron ore prices were largely stable on Thursday August 20 in a much calmer market than the previous three days of trading, sources told Fastmarkets.

Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $129.32 per tonne, up $0.23 per tonne
62% Fe low-alumina fines, cfr Qingdao: $128.59 per tonne, up $0.20 per tonne.
58% Fe fines high-grade premium, cfr Qingdao: $114.95 per tonne, up $0.40 per tonne
65% Fe Brazil-origin fines, cfr Qingdao: $136.70 per tonne, unchanged
62% Fe fines, fot Qingdao: 960 yuan per wet metric tonne (implied 62% Fe China Port Price: $128.87 per dry tonne), up by 3 yuan per wmt.
Key drivers
Some market participants said the slightly calmer market might just be a “temporary breather” because sentiment has not really changed that much.
And demand from steel mills is still strong, with some steelmakers exploring blends of high- and low-grade fines as alternative to higher-priced mid-grade fines, according to an analyst in Shanghai.

“Margins at...


Alex Theo

August 20, 2020

11:35 GMT