Prices for seaborne iron ore pellets and concentrate rose again in the week to Friday May 14 despite volatility in the futures market.
Fastmarkets iron ore indices
Iron ore pellet premium over 65% Fe fines, cfr China: $61.50 per tonne, unchanged
65% Fe blast furnace pellet, cfr Qingdao: $314.50 per tonne, up $30.38 per tonne
66% Fe concentrate, cfr Qingdao: $254.43 per tonne, up $27.06 per tonne
Key drivers
China's iron ore futures experienced large increases and decreases last Monday and Friday, but demand for high-grade iron ore held up, sources told Fastmarkets.
Last Monday, the most-traded September iron ore futures contract on the Dalian Commodity Exchange increased by 10% from its settlement price in the previous trading session on May 7 - the daily limit - during morning trading. The contract went on to rise further to 1,337 yuan ($208) per tonne at the close of trading on Wednesday.
But on Thursday and Friday, the contract shed the gains made in the earlier part of the week...