Prices for seaborne iron ore concentrate picked up in the week ended Friday November 6 amid growing demand in China ahead of the onset of winter, sources told Fastmarkets.
Fastmarkets iron ore indices
66% Fe concentrate, cfr Qingdao: $127.66 per tonne, up $1.27 per tonne
65% Fe blast furnace pellet, cfr Qingdao: $150.71 per tonne, up $0.16 per tonne
Key driversA colder-than-usual winter has been forecast for China, and traders say this will likely prompt stricter sintering restrictions on steelmakers in the country.
Costlier coke has also made buyers seek out iron ore products with lower impurities to reduce their consumption of the former. As such, mills have to be more discerning with the brands of iron ore to buy, according to a trading source in Shanghai.
Chinese port inventory levels for iron ore concentrate fell last week, which...