Prices for seaborne iron ore concentrate and pellets inched up in the week to Friday November 27 amid increased demand for concentrate and tightened supply of pellets, market sources told Fastmarkets.
Fastmarkets iron ore indices
66% Fe concentrate, cfr Qingdao: $138.07 per tonne, up $0.68 per tonne.
65% Fe blast furnace pellet, cfr Qingdao: $158.77 per tonne, up $0.81 per tonne.
Key drivers
Market sources said demand for iron ore concentrate has continued to recover this past week.
A trading source in southern China said prices for iron ore concentrate in the seaborne market and at ports were gradually increasing, implying solid demand for the material because of its advantage in having reduced emissions and higher efficiency in steel production.
But the high price for coke limited buyers' preference for concentrate, sources told Fastmarkets.
A buyer source in northern China said there was Ukrainian concentrate cargo offered at a competitive discount, but it carried a...