The seaborne iron ore market remained resilient on Tuesday May 12, with the prices for Brazilian fines rising significantly due to concerns over supply.
Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $91.67 per tonne, up $3.06 per tonne.
62% Fe low-alumina fines, cfr Qingdao: $94.20 per tonne, up $3.02 per tonne.
58% Fe fines high-grade premium, cfr Qingdao: $78.38 per tonne, up $1.97 per tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $107 per tonne, up $1 per tonne.
62% Fe fines, fot Qingdao: 686 yuan per wet metric tonne (
implied 62% Fe China Port Price: $88.78 per dry tonne), up 3 yuan per wmt.
Key drivers
Market participants voiced renewed concerns over Brazilian iron ore supply over the past week due to expectations exports of the product would be impeded by
Covid-19-related lockdowns in the South American country in response to the rising number of infections.
Sao Luis was the first major Brazilian city to enter lockdown. It is located in the country's...