IRON ORE DAILY: Futures gain amid drop in steel inventories, physical market stable

Iron ore futures gained again on Wednesday October 21, following an uptrend in steel futures amid a drop in steel inventories, with the seaborne market remaining stable on limited trading activity, sources said.

Fastmarkets iron ore indices 
62% Fe fines, cfr Qingdao: $120.49 per tonne, up $0.88 per tonne
62% Fe low-alumina fines, cfr Qingdao: $120.64 per tonne, up $0.59 per tonne
58% Fe fines high-grade premium, cfr Qingdao: $112.05 per tonne, up $0.90 per tonne
65% Fe Brazil-origin fines, cfr Qingdao: $133.80 per tonne, up $0.80 per tonne
62% Fe fines, fot Qingdao: 891 yuan per wet metric tonne (implied 62% Fe China Port Price: $123.63 per dry tonne), up by 5 yuan per wmt
Key drivers
Following the momentum from yesterday, the most-traded January iron ore futures contract on the Dalian Commodity Exchange (DCE) continued gaining, ending up with an increase of 1% compared with Tuesday’s close price.

Meanwhile, the iron ore swaps contracts on the Singapore Exchange (SGX) gained further in forward-month contracts with the increment over...

Published

Zihao Yu

October 21, 2020

12:23 GMT

Singapore