Seaborne iron ore prices continued to rise on Tuesday July 14 but the bullish sentiment is cooling due to concerns over flooding in several parts of southern China, sources told Fastmarkets.
Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $112.48 per tonne, up $1.39 per tonne.
62% Fe low-alumina fines, cfr Qingdao: $114.26 per tonne, up $1.41 per tonne.
58% Fe fines high-grade premium, cfr Qingdao: $100.06 per tonne, up $0.88 per tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $123.40 per tonne, up $0.40 per tonne.
62% Fe fines, fot Qingdao: 860 yuan per wet metric tonne (
implied 62% Fe China Port Price: $113.65 per dry tonne), up by 8 yuan per wmt.
Key drivers
The iron ore futures market stayed bullish, with an increase of 1.15% for the most-traded September contract on the Dalian Commodity Exchange and an increase of more than $1 per tonne for the August contract of the 62% Fe index on the Singapore Exchange.
The seaborne iron ore prices followed the futures market up,...