iron ore price, page-102

62% Fe fines up US$2.50/dmt (+2.4%)

Month to date average US$113.3/dmt

Quarter to date average US$123.8/dmt

Seaborne iron ore prices rebounded today, with an early morning trade of PB fines on globalORE at 109 surprising many market participants. Following this, several other trades for 62% Fe MNP fines followed on the same platform: one for May delivery at 105.8 and five index-linked trades, two for April delivery at a premium of 2.3 and three for Q2 delivery at premiums of 2.0, 2.1 and 2.5. In addition a trader privately sold PB fines below the levels seen on the platform. For lower grades, Australian 57-58% Fe fines were trading around the 90 mark. The main ports saw more iron ore transactions than recently, with the price a little higher than yesterday. In the Chinese steel market, the weekly YanGang billet tender closed at RMB 2823/tonne ex-works, down by RMB 26/t week-on-week, but billet in Tangshan rose RMB 10/t this afternoon. Iron ore and rebar futures in China all rose around 1% today. All prices US$/dmt CFR China unless stated otherwise.