IRON ORE DAILY: Seaborne iron ore prices rise sharply on concerns over supplies from Brazil

Seaborne iron ore prices increased rapidly on Friday May 29 on growing concerns over supplies from Brazil.

Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $102.39 per tonne, up $5.30 per tonne.
62% Fe low-alumina fines, cfr Qingdao: $105 per tonne, up $6.11 per tonne.
58% Fe fines high-grade premium, cfr Qingdao: $87.30 per tonne, up $1.76 per tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $115.3 per tonne, up $3.30 per tonne.
62% Fe fines, fot Qingdao: 765 yuan per wet metric tonne (implied 62% Fe China Port Price: $98.48 per dry tonne), up 23 yuan per wmt.
Key drivers
Sources said they had heard of hundreds of Covid-19 infections at Vale’s mines in Itabira, in the southern state of Minas Gerais.

According to local media reports, however, while operations at Vale's three Itabira mines were subject to...