Prices of mid-grade Brazilian fines were up on Wednesday October 30, with a Brazilian Blend fines (BRBF) cargo fetching $85.60 per tonne, although market participants saw little scope for any major correction in mid-grade iron ore prices.
Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $87.13 per tonne, up $0.49 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $86.95 per tonne, up $0.49 per tonne.62% Fe low-alumina fines, cfr Qingdao: $85.60 per tonne, up $0.35 per tonne.58% Fe fines high-premium, cfr Qingdao: $75.92 per tonne, down $0.88 per tonne.65% Fe Brazil-origin fines, cfr Qingdao: $94.80 per tonne, down $0.10 per tonne. 62% Fe fines, fot Qingdao: 670 yuan per wet metric tonne (implied 62% Fe China Port Price, $86.96 per dry tonne), down by 3 yuan per wet metric tonne.Key driversMarket participants were generally still concerned over the growing level of port inventories of mid-grade fines, with record volumes anticipated to be arriving in China over the next week or two from Australia, according to a trader in China.Mid-grade iron ore fines were generating limited buying interest from steelmakers, while the previous few seaborne cargo deals of the Pilbara Blend fines (PBF)...