Prices for seaborne iron ore concentrate and pellet strengthened further in the week ended Friday April 9 due to solid demand for high-grade products amid measures to control emissions in China, sources told Fastmarkets.
Fastmarkets iron ore indices
65% Fe blast furnace pellet, cfr Qingdao: $228.98 per tonne, up $7.14 per tonne.
66% Fe concentrate, cfr Qingdao: $200.06 per tonne, up $2.16 per tonne.
Key drivers
Year-long steelmaking curbs in Tangshan, in northern China, continued to support demand for iron ore pellets, sources told Fastmarkets.
A trading source in Singapore said the more deals involving seaborne pellets were done last week. If environmental inspections in regions outside of Tangshan result in measures similar to those imposed on the city, prices for iron ore pellets will soar, he said.
China's Ministry of Ecology & Environment have put together eight teams to conduct inspections over a month in eight provinces on industries' compliance with environmental measures.
While demand for pellets...