Prices for some Australian fines continued to strengthen on Tuesday October 30, especially at Chinese ports, amid supply tightness.
MB 62% Fe Iron Ore Index: $76.71 per tonne cfr Qingdao, up $0.23 per tonne.MB 62% Fe Pilbara Blend Fines Index: $75.74 per tonne cfr Qingdao, up $0.23 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $80.17 per tonne cfr Qingdao, down $0.06 per tonne.MB 58% Fe Premium Index: $67.51 per tonne cfr Qingdao, down by $1.18 per tonne.MB 65% Fe Iron Ore Index: $98.50 per tonne cfr Qingdao, down by $0.10 per tonne.MB 62% Fe China Port Price Index: 601 yuan per wet metric tonne (implied 62% Fe China Port Price $76.61 per dry tonne), up 5 yuan per wmt.Key driversWhile China's iron ore futures fluctuated during the day, spot transaction prices for Pilbara Blend fines jumped further at Chinese ports, especially in the eastern Shandong province, due to low spot availability amid limited cargo arrivals, according to sources.Given the soaring costs to buy the most-liquid 62% Fe fines,...