Seaborne iron ore prices picked up on Thursday January 24 amid rises in futures and swaps markets.
MB 62% Fe Iron Ore Index: $74.71 per tonne cfr Qingdao, up $0.23 per tonne. MB 62% Fe Pilbara Blend Fines Index: $75.55 per tonne cfr Qingdao, up $0.23 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $76.40 per tonne cfr Qingdao, up $0.56 per tonne. MB 58% Fe Premium Index: $66.02 per tonne cfr Qingdao, up $0.08 per tonne. MB 65% Fe Iron Ore Index: $89.20 per tonne cfr Qingdao, up $0.50 per tonne. MB 62% Fe China Port Price Index: 568 yuan per wet metric tonne (implied 62% Fe China Port Price $74.04 per dry tonne), unchanged.Key driversChina's steel and iron ore futures have largely strengthened since Wednesday night, while the 62% Fe iron ore swaps on the Singapore Exchange also advanced on Thursday.This is probably due to a better outlook for the steel market after the Lunar New Year, based on limited inventories of rebar, a...