Market participants believe that the strong demand from steelmakers has prompted seaborne iron ore prices to rise sharply on Tuesday August 18, Fastmarkets heard.
Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $128.57 per tonne, up $6.63 per tonne.
62% Fe low-alumina fines, cfr Qingdao: $127.08 per tonne, up $5.58 per tonne.
58% Fe fines high-grade premium, cfr Qingdao: $113.15 per tonne, up $5.18 per tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $134.80 per tonne, up $6.30 per tonne.
62% Fe fines, fot Qingdao: 942 yuan per wet metric tonne (
implied 62% Fe China Port Price: $125.93 per dry tonne), up by 10 yuan per wmt
Key drivers
The 65% Fe fines index set a new six-year peak as a result of a transaction for a cargo of Iron Ore Carajas at around $6.10-per-tonne higher than the last known traded price of $128.70 per tonne on August 12.
The last time the 65% Fe index was above the $134-per-tonne mark was...