Seaborne iron ore prices rose on Wednesday August 26 amid strong interest from steelmakers for high- and low-grade iron ore fines, trader sources told Fastmarkets.
Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $124.20 per tonne, up $1.22 per tonne
62% Fe low-alumina fines, cfr Qingdao: $123.65 per tonne, up $2.45 per tonne
58% Fe fines high-grade premium, cfr Qingdao: $110.97 per tonne, up $1.38 per tonne
65% Fe Brazil-origin fines, cfr Qingdao: $135.80 per tonne, up $4.30 per tonne
62% Fe fines, fot Qingdao: 944 yuan per wet metric tonne (implied
62% Fe China Port Price: $126.77 per dry tonne), down by 13 yuan per wmt
Key drivers
"Mills favor blending high-grade and low-grade fines because it has been more economical, so demand for these iron ore fines has lent some support," a Singapore-based buy source said.
"Portside, the price gap between Pilbara Blend fines [PBF] and Super Special fines [SSF] has narrowed by around 60 yuan ($8.70) per tonne, suggesting the low-grade ore...