Seaborne iron ore prices continued to rise on Tuesday July 2, amid persistently tight supply and news about an easing of the restrictions on steel production in China.
MB 62% Fe Iron Ore Index: $125.77 per tonne cfr China, up by $2.12 per tonneMB 62% Fe Iron Ore Index-Low Alumina: $126.24 per tonne cfr China, up by $0.48 per tonneMB 58% Fe Premium Index: $115.04 per tonne, up by $1.37 per tonneMB 65% Fe Iron Ore Index: $133.10 per tonne, up by $1.60 per tonneMB 62% Fe China Port Price Index: 907 yuan per wet metric tonne (implied 62% Fe China Port Price $122.62 per dry tonne), up by 23 yuan per wmt.Key driversThe Singapore Exchange's 65% Fe iron ore derivative contract saw another day of active participation, with 1,250 lots or 125,000 tonnes traded and cleared by 7.30pm Singapore time.The gap between mid-grade ore prices, represented by Fastmarkets' MB 62% Fe iron ore index, and the high-grade ore prices, represented by the corresponding MB 65% Fe iron ore index, narrowed to $7.33 per tonne on Tuesday, the...