Seaborne iron ore prices inched up from their downtrend on Friday October 16, sources said, adding that the expected increase in weekly iron ore port inventory and supply in the fourth quarter limited the increment in iron ore prices.
Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $119.08 per tonne, up $0.38 per tonne
62% Fe low-alumina fines, cfr Qingdao: $119.64 per tonne, up $0.60 per tonne
58% Fe fines high-grade premium, cfr Qingdao: $110.27 per tonne, up $0.16 per tonne
65% Fe Brazil-origin fines, cfr Qingdao: $132.40 per tonne, up $0.70 per tonne
62% Fe fines, fot Qingdao: 894 yuan per wet metric tonne (
implied 62% Fe China Port Price: $122.95 per dry tonne), down by 12 yuan per wmt
Key drivers
Following the downtrend over the whole week, the most-traded January iron ore futures contract on the Dalian Commodity Exchange (DCE) went down slightly, ending the week with a decrease of 0.3% compared with Thursday's close price.
The iron ore swap contracts on...