Iron ore prices rose on Thursday March 7 in line with futures market gains following data releases showing a decline in steel inventories in the market.
MB 62% Fe Iron Ore Index: $87.61 per tonne cfr Qingdao, up $0.56 per tonne. MB 62% Fe Pilbara Blend Fines Index: $87.01 per tonne cfr Qingdao, up $0.56 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $90.01 per tonne cfr Qingdao, up $0.93 per tonne. MB 58% Fe Premium Index: $76.36 per tonne cfr Qingdao, up $0.33 per tonne. MB 65% Fe Iron Ore Index: $99.70 per tonne cfr Qingdao, up $1.40 per tonne. MB 62% Fe China Port Price Index: 635 yuan per wet metric tonne (implied 62% Fe China Port Price $84.20 per dry tonne), up 1 yuan per wet metric tonne. Key drivers Chinese steel industry data released on Thursday afternoon showed a decrease in the output of finished steel products as well as diminishing stockpiles at mills and in the market. This marks a shift from previous years where Chinese data reported a build-up of...