Seaborne iron ore concentrate and pellet prices increased in the week to Friday July 9, after the return of buying interest in China following the 100-year anniversary of country's communist party, sources told Fastmarkets.
Fastmarkets iron ore indices
Pellet premium over 65% Fe fines, cfr China: $62 per tonne, unchanged
66% Fe concentrate, cfr Qingdao: $245.03 per tonne, up $2.76 per tonne
65% Fe blast furnace pellet, cfr Qingdao: $303.71 per tonne, up $2.50 per tonne
Key drivers
Buying interest returned after the centennial celebrations, with mills looking to replenish inventories, sources said.
Another factor contributing to the upsurge in buying interest was the easing of production restrictions for steelmakers in the city of Tangshan in Hebei province, according to a northern China trader.
For the remainder of the year, however, cuts to Chinese crude steel production are expected to keep liquidity depressed in the iron ore concentrate and pellet markets, a...