Physical iron ore prices rose on Thursday January 3 following gains in the futures and swaps markets.
MB 62% Fe Iron Ore Index: $72.62 per tonne cfr Qingdao, up $0.55 per tonne. MB 62% Fe Pilbara Blend Fines Index: $72.45 per tonne cfr Qingdao, up $0.55 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $74.12 per tonne cfr Qingdao, up $0.12 per tonne. MB 58% Fe Premium Index: $64.14 per tonne cfr Qingdao, up $0.24 per tonne. MB 65% Fe Iron Ore Index: $87.20 per tonne cfr Qingdao, up $0.60 per tonne. MB 62% Fe China Port Price Index: 557 yuan per wet metric tonne (implied 62% Fe China Port Price $71.69 per dry tonne), unchanged.Key driversChina's ferrous futures rose on Wednesday night and stayed robust on Thursday. The benchmark steel and iron ore contracts ended the day 1.1-2% higher than the settlement levels a day earlier.Iron ore swaps on the Singapore Exchange strengthened as well, with the January 62% and 65% Fe contracts advancing above...