The seaborne iron ore market found an average price for 62% Fe fines that breached $90-per-tonne during May, while improving steel prices, supply uncertainty from Brazil and declining iron ore inventory at Chinese ports were major drivers behind the strong iron ore markets, Fastmarkets understands.
The monthly average price for 62% Fe iron ore rose 10.35% month on month to $93.16 per tonne in May, while the monthly average price for 65% Fe increased 8.6% from the month before to $109.31 per tonne cfr China, leaving 65%/62% spread relatively stable at $16.15 per tonne.James Graham Clarke, head of physical iron ore at Mysteel...