IRON ORE DAILY: Australian cyclone jitters buoy seaborne prices

Metal Bulletin

Seaborne iron ore prices rose on Friday March 22 after cyclone updates from Australia led to supply concerns and pushed up swaps prices.

MB 62% Fe Iron Ore Index: $85.96 per tonne cfr Qingdao, up $1.47 per tonne.

MB 62% Fe Pilbara Blend Fines Index:$85.08 per tonne cfr Qingdao, up $1.47 per tonne.

MB 62% Fe Iron Ore Index-Low Alumina:$88.35 per tonne cfr Qingdao, up $1.71 per tonne.

MB 58% Fe Premium Index: $77.57 per tonne cfr Qingdao, up $2.44 per tonne.

MB 65% Fe Iron Ore Index: $96.30 per tonne cfr Qingdao, up $0.90 per tonne.

MB 62% Fe China Port Price Index: 623 yuan per wet metric tonne (implied 62% Fe China Port Price $82.78 per dry tonne), down 2 yuan per wet metric tonne.

Key drivers
Severe Tropical Cyclone Veronica was 350 km north to north west of West Australia’s Port Hedland as of 3pm local time on Friday, and was expected to maintain its intensity and move toward the Pilbara coastline in the coming 48 hours, Pilbara Ports Authority said in its most recent update.