Physical iron ore was traded at higher prices on Friday August 3 amid paper-market gains, after China's plan for production cuts in the coming winter was released.
Metal Bulletin 62% Fe Iron Ore Index: $67.45 per tonne cfr Qingdao, up by $0.58 per tonne.Metal Bulletin 62% Fe Pilbara Blend Fines Index: $66.66 per tonne cfr Qingdao, up by $0.58 per tonne.Metal Bulletin 58% Fe Premium Index: $54.93 per tonne cfr Qingdao, up by $0.48 per tonne.Metal Bulletin 65% Fe Iron Ore Index: $94.30 per tonne cfr Qingdao, up by $1 per tonne.Metal Bulletin 62% Fe China Port Price Index: 485 yuan per wet metric tonne (implied 62% Fe China Port Price $61.90 per dry tonne), up by 3 yuan per wmt.Key driversA draft plan for market comments on emissions cuts during China's winter heating season, between late 2018 and early 2019, has recently been published, according to local sources.Similar to last winter, the new plan involves Beijing, Tianjin and another 26 cities in Hebei, Shanxi, Shandong and Henan provinces. It will last for six...