Fastmarkets' iron ore index for 62% Fe fines, cfr Qingdao rose to its highest level in 2020 on Wednesday July 8, with iron ore prices continuing to strengthen amid the recovery in Chinese domestic demand for rebar.
Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $106.50 per tonne, up $3.49 per tonne.
62% Fe low-alumina fines, cfr Qingdao: $108.28 per tonne, up $2.97 per tonne.
58% Fe fines high-grade premium, cfr Qingdao: $94.51 per tonne, up $2.67 per tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $118.30 per tonne, up $2.10 per tonne.
62% Fe fines, fot Qingdao: 820 yuan per wet metric tonne (implied
62% Fe China Port Price: $107.91 per dry tonne), up by 12 yuan per wmt.
Key drivers
Iron ore prices in the seaborne and futures markets made gains on a solid increase in rebar prices, implying that demand for rebar was recovering in China, sources said.
"The rebar price has been strong recently and the market is expecting the recovery in its demand after the rainy season in southern China," a buyer source...