Iron ore prices moved up despite limited liquidity in the physical market on Monday July 12, while sentiment strengthened on news that China's central bank will cut the reserve requirement ratio (RRR), sources said.
Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $217.85 per tonne, up $3.08 per tonne
62% Fe low-alumina fines, cfr Qingdao: $220.60 per tonne, up $2.60 per tonne
58% Fe fines high-grade premium, cfr Qingdao: $181.39 per tonne, up $1.32 per tonne
65% Fe Brazil-origin fines, cfr Qingdao: $251.00 per tonne, up $2.60 per tonne
63% Fe Australia-origin lump ore premium, cfr Qingdao: $0.5750 per dry metric tonne unit (dmtu), down $0.0100 per dmtu
62% Fe fines, fot Qingdao: 1,500 yuan per wet metric tonne (implied
62% Fe China Port Price: $217.21 per dry tonne), up by 12 yuan per wmt
Key drivers
The most-traded September iron ore futures contract on the Dalian Commodity Exchange (DCE) decreased in morning trading, but later rebounded and ended the day up by 2.2% from Friday's close of 1,163 yuan ($180)...