IRON ORE DAILY: Bullish steel futures lend support to raw material prices

Iron ore prices increased further in both the futures and seaborne markets on Tuesday November 17, supported by hot-rolled coil and rebar futures prices that hit new annual highs, although physical prices at ports remained stable.

Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $125.44 per tonne, up $1.37 per tonne
62% Fe low-alumina fines, cfr Qingdao: $125.99 per tonne, up $1.64 per tonne
58% Fe fines high-grade premium, cfr Qingdao: $115.56 per tonne, up $0.98 per tonne
65% Fe Brazil-origin fines, cfr Qingdao: $138.30 per tonne, up $1.30 per tonne
62% Fe fines, fot Qingdao: 893 yuan per wet metric tonne (implied 62% Fe China Port Price: $125.59 per dry tonne), up by 6 yuan per wmt
Key drivers

The most-traded January iron ore futures contract on the Dalian Commodity Exchange (DCE) rose sharply before the close of morning trading and fluctuated around 850 yuan ($129) per tonne level...

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