Seaborne iron ore prices went up on Wednesday October 17 amid bullish sentiment and a surge in the paper markets.
MB 62% Fe Iron Ore Index: $73.36 per tonne cfr Qingdao, up by $1.86 per tonne.MB 62% Fe Pilbara Blend Fines Index: $72.39 per tonne cfr Qingdao, up by $1.86 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $78.75 per tonne cfr Qingdao, up by $2.05 per tonne.MB 58% Fe Premium Index: $61.42 per tonne cfr Qingdao, up by $1.81 per tonne.MB 65% Fe Iron Ore Index: $97.10 per tonne cfr Qingdao, down by $0.10 per tonne.MB 62% Fe China Port Price Index: 554 yuan per wet metric tonne (implied 62% Fe China Port Price $70.76 per dry tonne), up by 4 yuan per wmt.Key driversChina's ferrous futures advanced across the board during the day, with the benchmark iron ore contract spiking before 3pm to close with the biggest gain of 2.7% compared with Tuesday's settlement.This further boosted sentiment in the physical iron ore markets, with higher transaction prices reported...