IRON ORE DAILY: Prices up amid steel inventory decline

November 12, 2020 / www.metalbulletin.com / Article Link

Iron ore prices increased further in both the futures and seaborne markets on Wednesday November 11, sources told Fastmarkets, on support from decreasing steel inventories but physical prices at ports remained stable.

Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $124.56 per tonne, up $2.29 per tonne
62% Fe low-alumina fines, cfr Qingdao: $125.00 per tonne, up $2.26 per tonne
58% Fe fines high-grade premium, cfr Qingdao: $115.41 per tonne, up $1.90 per tonne
65% Fe Brazil-origin fines, cfr Qingdao: $136.00 per tonne, up $1.40 per tonne
62% Fe fines, fot Qingdao: 895 yuan per wet metric tonne (implied 62% Fe China Port Price: $125.28 per dry tonne), up by 2 yuan per wmt
Key drivers

The most-traded January iron ore futures contract on the Dalian Commodity Exchange (DCE) maintained a steady uptrend in the morning session and fluctuated with larger volatility in the afternoon when it hit an intra-day high...

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