IRON ORE MONTHLY: Trading activity slows down in October

Trading activity in the seaborne iron ore market was slower in October than in the preceding few months, which dragged down the volumes of derivatives traded as well.

The October average of Fastmarkets' daily 65% Fe Brazil-origin iron ore index dropped by 2.6% month on month to $132.90 per tonne while that for the daily 62% Fe index fell by 2.7% to $120.20 per tonne.
This resulted in an average spread of $12.70 per tonne, slightly narrower than September's $12.95 per tonne.
Over 20,000 lots of the Singapore Exchange's 65% Fe iron ore swaps contract - which is settled against Fastmarkets' daily index for iron ore 65% Fe Brazil-origin fines, cfr Qingdao - were heard to have been traded in October, lower than the monthly average so far this year.

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