IRON ORE DAILY: Seaborne prices dip on slow downward correction

Seaborne iron ore prices declined slightly on Thursday October 15 with some market participants sensing the start of some price stability after several consecutive downward corrections, trade sources said.

Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $118.70 per tonne, down $0.82 per tonne
62% Fe low-alumina fines, cfr Qingdao: $119.04 per tonne, down $0.94 per tonne
58% Fe fines high-grade premium, cfr Qingdao: $110.11 per tonne, down $0.52 per tonne
65% Fe Brazil-origin fines, cfr Qingdao: $131.70 per tonne, down $1.00 per tonne
62% Fe fines, fot Qingdao: 906 yuan per wet metric tonne (implied 62% Fe China Port Price: $124.71 per dry tonne), down by 9 yuan per wmt
Key drivers
Some traders believe that seaborne iron ore prices have reached reasonable levels and started to show signs of stabilizing due to its more gradual decline, which is unlike the past few days.

High port inventories and high steel imports - according to data released by local media earlier in the week - has led the iron...

Published

Alex Theo

October 15, 2020

12:00 GMT

Singapore