Seaborne iron ore prices strengthened on Friday June 1 with Brazilian materials contributing most to the gains despite a softening of futures and the port market.
Metal Bulletin 62% Fe Iron Ore Index: $66.16 per tonne cfr Qingdao, up by $0.84 per tonneMetal Bulletin 58% Fe Premium Index: $53.56 per tonne cfr Qingdao, up by $0.25 per tonneMetal Bulletin 65% Fe Iron Ore Index: $86.40 per tonne cfr Qingdao, up by $0.60 per tonneMetal Bulletin 62% Fe China Port Price Index: 474 yuan per wet tonne (implied 62% Fe China Port Price $64.78 per dry tonne), up by 2 yuan per wet tonneKey driversChina's ferrous futures largely trended downward during the day, hitting sentiment in the spot market for iron ore at Chinese ports. Trading activity was thin and prices were assessed lower in the afternoon in comparison with the morning.Seaborne iron...