Seaborne iron ore prices jumped above $110 per tonne cfr on Thursday June 13 - their highest level in more than five years - driven by persistent bullishness, sources told Fastmarkets.
MB 62% Fe Iron Ore Index: $110.16 per tonne cfr Qingdao, up $3.56 per tonne. MB 62% Fe Pilbara Blend Fines Index: $108.96 per tonne cfr Qingdao, up $3.56 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $114.50 per tonne cfr Qingdao, up $3.40 per tonne. MB 58% Fe Premium Index: $101.18 per tonne cfr Qingdao, up $2.97 per tonne. MB 65% Fe Iron Ore Index: $124.50 per tonne cfr Qingdao, up $3.50 per tonne.MB 62% Fe China Port Price Index: 803 yuan per wet metric tonne (implied 62% Fe China Port Price $107.15 per dry tonne), up 7 yuan per wmt.Key driversChina's iron ore futures had been largely rangebound since Wednesday night, but experienced a sudden spike of as much as 15 yuan ($2.20) per tonne in the last 10 minutes before the 3pm close on Thursday.Some market participants attributed the surge to an upswing in crude oil prices in the afternoon,...