IRON ORE DAILY: Positive short-term demand likely to limit any further falls after dip in seaborne prices

Iron ore prices went into reverse on Tuesday February 23 amid a correction after the surge on Monday, sources told Fastmarkets, but robust demand means prices should not fall much further.

Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $173.05 per tonne, down $2.91 per tonne
62% Fe low-alumina fines, cfr Qingdao: $173.52 per tonne, down $2.46 per tonne
58% Fe fines high-grade premium, cfr Qingdao: $161.36 per tonne, down $1.42 per tonne
65% Fe Brazil-origin fines, cfr Qingdao: $197.30 per tonne, down $2.70 per tonne
62% Fe fines, fot Qingdao: 1195 yuan per wet metric tonne (implied 62% Fe China Port Price: $172.42 per dry tonne), down by 5 yuan per wmt
Key drivers

The most-traded May iron ore futures contract on the Dalian Commodity Exchange (DCE) fell during the night trading session on Monday and traded largely sideways at...

Published

Alex Theo

February 23, 2021

12:07 GMT

Singapore