Tight supply of Australian iron ore continued to support the market for the steelmaking raw material on Thursday October 25, with the benchmark 62% Fe index rising above $76 per tonne cfr China.
MB 62% Fe Iron Ore Index: $76.04 per tonne cfr Qingdao, up by $1.31 per tonne.MB 62% Fe Pilbara Blend Fines Index: $75.07 per tonne cfr Qingdao, up by $1.31 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $80.40 per tonne cfr Qingdao, up by $0.40 per tonne.MB 58% Fe Premium Index: $67.24 per tonne cfr Qingdao, down by $0.53 per tonne.MB 65% Fe Iron Ore Index: $98 per tonne cfr Qingdao, down by $0.20 per tonne.MB 62% Fe China Port Price Index: 587 yuan per wet metric tonne (implied 62% Fe China Port Price $74.95 per dry tonne), up 14 yuan per wmt.Key driversChina's steel and iron ore futures experienced brief periods of decline in both the morning and afternoon sessions but they largely trended upward later to make up for the losses.Transaction prices for iron ore in the spot market...