Prices for seaborne iron ore concentrate and pellets rebounded in the week ended Friday October 2 amid rising futures, with tight supply of the latter providing additional support to the segment, according to sources.
Fastmarkets iron ore indices
66% Fe concentrate, cfr Qingdao: $129.05 per tonne, up $2.17 per tonne.
65% Fe blast furnace pellet, cfr Qingdao: $143.52 per tonne, up $4.68 per tonne.
Key drivers
While the market was less active compared with
a week earlier due to China's October 1-8 Golden Week holiday commemorating its National Day, gains in the futures market led to rebounding prices in the physical iron ore market, including that for concentrate and pellets.
A trader in Shanghai noted that there were only three working days during the week due to the holiday, which limited any enthusiasm to trade. Prices for concentrate and pellets had strengthened despite weak demand due solely to improved sentiment as a result of rising futures, he said.
The most-liquid January iron ore futures contract on the Dalian Commodity Exchange closed higher for three consecutive days last week. On...