Seaborne iron ore prices rose above $80 per tonne cfr on Tuesday November 12 amid advances in the derivatives markets following news on production restrictions in China and Vale's lower sales target.
Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $81.48 per tonne, up $2.50 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $81.51 per tonne, up $2.50 per tonne.62% Fe low-alumina fines, cfr Qingdao: $81 per tonne, up $2.70 per tonne.58% Fe fines high-premium, cfr Qingdao: $70.90 per tonne, up $2.40 per tonne.65% Fe Brazil-origin fines, cfr Qingdao: $92.30 per tonne, up $2.50 per tonne. 62% Fe fines, fot Qingdao: 625 yuan per wet metric tonne (implied 62% Fe China Port Price, $81.51 per dry tonne), down 2 yuan per wet metric tonne.Key driversChina's steel and iron ore futures spiked on Tuesday morning, with benchmark rebar and hot-rolled coil contracts climbing further in the afternoon while the iron ore contract remained rangebound. The latter ended 2.5% higher than the previous day's settlement.Some market participants attributed the general strengthening in ferrous futures to expectations of steel production restrictions in the coming winter...