Seaborne iron ore prices remained firm on Wednesday February 12 following an announcement by Vale that it expects lower production for the quarter ending on March 31.
Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $87.68 per tonne, up $0.75 per tonne.
62% Fe Pilbara Blend fines, cfr Qingdao: $87.01 per tonne, up $0.75 per tonne.
62% Fe low-alumina fines, cfr Qingdao: $88.93 per tonne, up $0.73 per tonne.
58% Fe fines high-premium, cfr Qingdao: $75.64 per tonne, up $1.71 per tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $104.50, up $2.70 per tonne.
62% Fe fines, fot Qingdao: 632 yuan per wet metric tonne (implied
62% Fe China Port Price: $82.87 per dry tonne), up 10 yuan per wet metric tonne.
Key drivers
Market participants believe the stronger prices observed on Wednesday are in response to the announcement made by Vale on Tuesday evening.
The Brazilian miner lowered its production guidance to 63-68 million tonnes of iron ore...