Physical iron ore prices continued to strengthen on Friday January 4, but buyers remained hesitant, especially around seaborne cargoes.
MB 62% Fe Iron Ore Index: $73.10 per tonne cfr Qingdao, up $0.48 per tonne. MB 62% Fe Pilbara Blend Fines Index: $72.93 per tonne cfr Qingdao, up $0.48 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $74.90 per tonne cfr Qingdao, up $0.78 per tonne. MB 58% Fe Premium Index: $65.63 per tonne cfr Qingdao, up $1.49 per tonne. MB 65% Fe Iron Ore Index: $87.40 per tonne cfr Qingdao, up $0.20 per tonne. MB 62% Fe China Port Price Index: 567 yuan per wet metric tonne (implied 62% Fe China Port Price $73.19 per dry tonne), up 10 yuan per wmt.Key driversChina's ferrous futures made further gains across the board during the day, with the benchmark iron ore contract ending the day 3.3% higher from the previous day's settlement.This improved spot market...