Seaborne iron ore prices surged on Thursday September 12 amid support from Chinese steelmakers stocking up ahead of the week-long National Day holiday at the start of October.
Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $99.30 per tonne, up $4.64 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $99.69 per tonne, up $4.64 per tonne.62% Fe low-alumina fines, cfr Qingdao: $97.60 per tonne, up $4.65 per tonne.58% Fe fines high-premium, cfr Qingdao: $86.57 per tonne, up $4.07 per tonne.65% Fe Brazil-origin fines, cfr Qingdao: $105.60 per tonne, up $4.20 per tonne.62% Fe fines, fot Qingdao: 768 yuan per wet metric tonne (implied 62% Fe China Port Price, $99.45 per dry tonne), up 14 yuan per wet metric tonne.Key driversChinese steelmakers were still building inventories ahead of the upcoming holiday in October, which prompted a strong support for prices, according to market participants.A trader added that some steelmakers are also anticipating stricter production restrictions as the country's 70th National Day celebrations draw near.This prompted discounts to narrow for some low-grade iron product with...