Seaborne iron ore prices rose on Tuesday August 11, with supply concerns developing because the Chinese government may extend the processing time for import licenses, while the high price for mid-grade fines has pushed mills to adjust their brand usage.
Fastmarkets iron ore indices
(Comparisons with August 7 due to National Day holiday in Singapore on August 10.)62% Fe fines, cfr Qingdao: $121.09 per tonne, up by $1.88 per tonne
62% Fe low-alumina fines, cfr Qingdao: $120.45 per tonne, up by $1.29 per tonne
58% Fe fines high-grade premium, cfr Qingdao: $105.82 per tonne, up by $1.92 per tonne
65% Fe Brazil-origin fines, cfr Qingdao: $128.10 per tonne, up by $1.20 per tonne
62% Fe fines, fot Qingdao: 922 yuan per wet metric tonne (
implied 62% Fe China Port Price: $122.69 per dry tonne), up by 14 yuan per wmt
Key drivers
The iron ore futures market rebounded from Monday's loss on the Dalian Commodity Exchange, with the price of the most liquid September futures contract increasing by 0.73% compared with one day earlier.
Meanwhile, iron ore swaps...