IRON ORE DAILY: Prices inch up on sentiment recovery in raw materials

Iron ore prices in the futures and seaborne markets rebounded on Tuesday October 27, with the increase in coke prices and drop in iron ore shipments supporting the sentiment recovery in the raw materials markets and helping iron ore prices to rise slightly, sources said.

Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $115.13 per tonne, up $0.50 per tonne
62% Fe low-alumina fines, cfr Qingdao: $116.01 per tonne, up $0.72 per tonne
58% Fe fines high-grade premium, cfr Qingdao: $107.81 per tonne, down $0.66 per tonne
65% Fe Brazil-origin fines, cfr Qingdao: $129.80 per tonne, up $0.40 per tonne
62% Fe fines, fot Qingdao: 870 yuan per wet metric tonne (implied 62% Fe China Port Price: $120.18 per dry tonne), down by 1 yuan per wmt
Key drivers
Sources said the increasing price of positive-correlated coke futures may have contributed to the recovery in the raw materials' market sentiment while the weekly shipments of iron ore decreased, resulting in a rise in iron ore futures.

A trading source in Shanghai said...

Published

Zihao Yu

October 27, 2020

11:05 GMT

Singapore