Fastmarkets' iron ore index for 65% Fe Brazil-origin fines, cfr Qindao reached a record high on Monday August 3 from one year earlier, with prices surging under better market expectations of future iron ore demand amid strong China manufacturing PMI, sources said.
Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $116.03 per tonne, up $5.45 per tonne
62% Fe low-alumina fines, cfr Qingdao: $116.38 per tonne, up $3.44 per tonne
58% Fe fines high-grade premium, cfr Qingdao: $101.06 per tonne, up $3.07 per tonne
65% Fe Brazil-origin fines, cfr Qingdao: $126.30 per tonne, up $4 per tonne
62% Fe fines, fot Qingdao: 881 yuan per wet metric tonne (implied
62% Fe China Port Price: $116.97 per dry tonne), up by 21 yuan per wmt
Key drivers
The iron ore futures market gained ground at the close on the Dalian Commodity Exchange, where the most-traded September futures contract decreased by 3.9% in two trading days compared to last Thursday.
Meanwhile, iron ore swaps on the Singapore Exchange increased by more than $4 per tonne for forward month contracts from August to November by...