Seaborne iron ore prices surged on Monday March 2, boosted by expectations that stimulus measures from the Chinese government, following weak manufacturing data, will lend much-needed support to the country's economic growth and specifically the commodities sector.
Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $88.93 per tonne, up $4.97 per tonne.
62% Fe low-alumina fines, cfr Qingdao: $90.22 per tonne, up $5.13 per tonne.
58% Fe fines high-premium, cfr Qingdao: $77.51 per tonne, up $5.10 tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $104.20 per tonne, up $5.60 per tonne.
62% Fe fines, fot Qingdao: 659 yuan per wet metric tonne (implied
62% Fe China Port Price: $86.28 per dry tonne), up 23 yuan per wet metric tonne.
Key Drivers
Futures prices moved up on the Singapore...