Physical iron ore prices continued to be supported on Monday January 14 by Chinese steelmakers' restocking needs head of the Lunar New Year holiday, and lower grades still enjoyed more favor.
MB 62% Fe Iron Ore Index: $73.80 per tonne cfr Qingdao, up $0.35 per tonne. MB 62% Fe Pilbara Blend Fines Index: $73.94 per tonne cfr Qingdao, up $0.35 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $75.50 per tonne cfr Qingdao, up $0.46 per tonne. MB 58% Fe Premium Index: $66.83 per tonne cfr Qingdao, up $0.58 per tonne. MB 65% Fe Iron Ore Index: $88.20 per tonne cfr Qingdao, unchanged. MB 62% Fe China Port Price Index: 572 yuan per wet metric tonne (implied 62% Fe China Port Price $74.89 per dry tonne), up 4 yuan per wet metric tonne.Key driversMills in China have continued to build up iron ore stocks for the Chinese New Year break in early February, more apparently from ports. While iron ore futures and swaps rose on Monday afternoon, some transaction prices went up at Chinese ports, especially those for lower grade...