Physical iron ore prices strengthened further on Monday January 7 in line with gains in futures and steel markets, after China's central bank acted to improve capital liquidity.
MB 62% Fe Iron Ore Index: $73.51 per tonne cfr Qingdao, up $0.41 per tonne. MB 62% Fe Pilbara Blend Fines Index: $73.34 per tonne cfr Qingdao, up $0.41 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $75.30 per tonne cfr Qingdao, up $0.40 per tonne. MB 58% Fe Premium Index: $66.50 per tonne cfr Qingdao, up $0.87 per tonne. MB 65% Fe Iron Ore Index: $88.60 per tonne cfr Qingdao, up $1.20 per tonne. MB 62% Fe China Port Price Index: 568 yuan per wet metric tonne (implied 62% Fe China Port Price $73.34 per dry tonne), up 1 yuan per wet metric tonne.Key driversLate on Friday, the People's Bank of China announced that it will lower the reserve requirement ratio by 0.5 percentage points, first on January 15 and again on January 25, which is expected to release 800 billion yuan to the market.Positive sentiment following the news led to...