After spending most of the day rangebound, seaborne iron ore prices again edged up on Thursday October 24, despite limited activity in the market.
Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $87.34 per tonne, up $0.16 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $87.16 per tonne, up $0.16 per tonne.62% Fe low-alumina fines, cfr Qingdao: $85.96 per tonne, up $0.30 per tonne.58% Fe fines high-premium, cfr Qingdao: $77.14 per tonne, up $0.44 per tonne.65% Fe Brazil-origin fines, cfr Qingdao: $95.70 per tonne, up $0.30 per tonne. 62% Fe fines, fot Qingdao: 685 yuan per wet metric tonne (implied 62% Fe China Port Price, $88.86 per dry tonne), unchanged.Key driversChinese benchmark January iron ore futures trended largely sideways for most of the Thursday trading session, but a spike was observed just before the market closed, ending about 1.2% higher compared to the previous day's settled price.A Singapore-based futures analyst said the rally at the end of the...