iron ore up $3 - $4 per tonne, page-2

62% Fe fines jump up US$4.10/t to US$ 111.50/dmt (+3.8%)


To-date averages 62%Fe:

Month to date: US$112.31/dmt

Quarter to date: US$122.57/dmt

Despite more disappointing macroeconomic data coming out of China for the January- February period, steel production figures for the period came in surprisingly high, potentially the cause of a rally in domestic rebar and iron ore futures – the latter gaining more than 3%. With spot iron ore prices at relatively low levels, buyers continue to be tempted back into the market, paying everhigher prices to secure volumes. The biggest mining companies were all active sellers today. An Australian miner sold PB fines on a 62% Fe basis at 112.5 over the globalORE platform, while another Australian mining house sold 62.3% Fe fines via private negotiation at a slightly lower level. A
Brazilian tender for 63.36% Fe fines came in little shy of 119. MNP fines traded on gO at 111 for April delivery and 110.3 for June arrival. Billet prices in Tangshan climbed RMB 30/t. All prices US$/dmt CFR China unless otherwise stated.