IRON ORE DAILY: Seaborne prices rise on expected pre-holiday restocking

Seaborne iron ore prices rose on Friday September 11 amid expectations of a restocking of inventory by Chinese steelmakers before a national holiday next month, according to trade sources.

Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $128.37 per tonne, up by $2.28 per tonne.
62% Fe low-alumina fines, cfr Qingdao: $128.18 per tonne, up by $2.03 per tonne.
58% Fe fines high-grade premium, cfr Qingdao: $115.73 per tonne, up by $1.26 per tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $141.40 per tonne, up by $2 per tonne.
62% Fe fines, fot Qingdao: 953 yuan per wet metric tonne (implied 62% Fe China Port Price: $129.42 per dry tonne), up by 4 yuan per wmt.
Key drivers
The Mid-Autumn Festival and National Holiday in China will coincide over October 1-8, with the break of slightly more than a week prompting some steel mills to begin stocking up on material, according to trade sources.

“High-grade fines such as Iron Ore Carajas [IOCJ] will probably be popular ahead of the...

Published

Alex Theo

September 11, 2020

12:07 GMT

Singapore