Seaborne iron ore prices jumped above $85 per tonne cfr China on Thursday January 31, with deals for Brazilian fines closing at higher levels after Vale's decision to reduce the output of its southern systems.
MB 62% Fe Iron Ore Index: $85.34 per tonne cfr Qingdao, up $2.81 per tonne. MB 62% Fe Pilbara Blend Fines Index: $86.18 per tonne cfr Qingdao, up $2.81 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $87.35 per tonne cfr Qingdao, up $3.26 per tonne. MB 58% Fe Premium Index: $75.62 per tonne cfr Qingdao, up $0.18 per tonne. MB 65% Fe Iron Ore Index: $100.90 per tonne cfr Qingdao, up $3.30 per tonne. MB 62% Fe China Port Price Index: 613 yuan per wet metric tonne (implied 62% Fe China Port Price $81.26 per dry tonne), unchanged.Key driversTwo cargoes of 62% Fe Brazilian Blend fines (BRBF) changed hands on platforms at $87 and $87.70 per tonne cfr on Thursday.While higher than many expectations, the transaction levels reflect bullishness on the product due Vale's announcement of production cuts after the latest tailings dam incident in Brazil last Friday, sources said.The production impacts...