IRON ORE DAILY: Seaborne prices supported by short-term demand for rebar, long-term outlook weak

Seaborne iron ore prices were up on Tuesday November 10 amid strong demand for rebar in China, but some market participants told Fastmarkets that the long-term outlook is not looking so positive.

Fastmarkets iron ore indices 
62% Fe fines, cfr Qingdao:
$122.27 per tonne, up $0.52 per tonne
62% Fe low-alumina fines, cfr Qingdao: $122.74 per tonne, up $0.49 per tonne
58% Fe fines high-grade premium, cfr Qingdao: $113.51 per tonne, up $1.57 per tonne
65% Fe Brazil-origin fines, cfr Qingdao: $134.60 per tonne, up $0.60 per tonne
62% Fe fines, fot Qingdao: 893 yuan per wet metric tonne (implied 62% Fe China Port Price: $125.04 per dry tonne), up by 12 yuan per wmt
Key drivers
The most-traded January contract in the Chinese iron ore futures market on the Dalian Commodity Exchange (DCE) rose by around 1% from the closing price on Monday.

Published

Alex Theo

November 10, 2020

12:03 GMT

Singapore