Prices for seaborne iron ore concentrate and pellets went up last week amid an uptrend in the futures market, though demand remained weak, sources told Fastmarkets.
Fastmarkets iron ore indices
66% Fe concentrate, cfr Qingdao: $124.47 per tonne, up $9.91 per tonne
65% Fe blast furnace pellet, cfr Qingdao: $131.04 per tonne, up $5.68 per tonne
Key drivers
Market participants said surging iron ore futures in the week ended Friday August 7 was a likely reason behind the price increases for concentrate and pellets, but these gains weighed on sentiment and resulted in a weakening of demand and a drop in liquidity.
"With the increase of iron ore futures and swaps, extra value was priced in to concentrate and pellets as well, but the increments were not supported by demand, which has been soft for weeks," a trader in southern China said.
The most-traded September...