Physical iron ore trading was mainly inactive on Thursday November 29, with Chinese mills cautious of buying despite gains in the futures and steel markets.
MB 62% Fe Iron Ore Index: $66.51 per tonne cfr Qingdao, up $0.16 per tonne.MB 62% Fe Pilbara Blend Fines Index: $65.78 per tonne cfr Qingdao, up $0.16 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $69.30 per tonne cfr Qingdao, down $0.34 per tonne.MB 58% Fe Premium Index: $58.43 per tonne cfr Qingdao, up $1.12 per tonne.MB 65% Fe Iron Ore Index: $82.40 per tonne cfr Qingdao, down $0.50 per tonne.MB 62% Fe China Port Price Index: 524 yuan per wet metric tonne (implied 62% Fe China Port Price $66.47 per dry tonne), up by 4 yuan per wmt.Key driversChina's iron ore futures moved into higher levels than a day earlier, while the billet price in Tangshan, which indicates market sentiment, also increased 70 yuan ($10.10) per tonne in the day.As a result, higher...