Physical iron ore prices soared further on Monday May 27 on big gains in the futures and swaps markets.
MB 62% Fe Iron Ore Index: $108.62 per tonne cfr Qingdao, up $3.30 per tonne. MB 62% Fe Pilbara Blend Fines Index: $106.81 per tonne cfr Qingdao, up $3.30 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $111.35 per tonne cfr Qingdao, up $2.55 per tonne. MB 58% Fe Premium Index: $99.46 per tonne cfr Qingdao, up $3.44 per tonne. MB 65% Fe Iron Ore Index: $123.40 per tonne cfr Qingdao, up $4.10 per tonne.MB 62% Fe China Port Price Index: 779 yuan per wet metric tonne (implied 62% Fe China Port Price $104.13 per dry tonne), up 36 yuan per wet metric tonne.Key driversChina's iron ore futures have trended upward since last Friday night to reach the daily trading limit of 6% on Monday afternoon, before easing slightly before the 3pm close. The benchmark September contract ended 4.6% higher than last Friday's settlement price.This is despite the losses...