IRON ORE DAILY: Seaborne prices surge above $105 per tonne on Australian supply issue, China stimulus

Seaborne iron ore prices soared on Tuesday June 11 in line with spikes in the futures prices amid bullishness triggered by more supply issues in Australia and economic stimulus in China.

MB 62% Fe Iron Ore Index: $106.61 per tonne cfr Qingdao, up by $5.10 per tonne. MB 62% Fe Pilbara Blend Fines Index: $105.41 per tonne cfr Qingdao, up by $5.10 per tonne.

MB 62% Fe Iron Ore Index-Low Alumina: $109.21 per tonne cfr Qingdao, up by $4.01 per tonne.

MB 58% Fe Premium Index: $98.27 per tonne cfr Qingdao, up by $5.66 per tonne.

MB 65% Fe Iron Ore Index: $119.60 per tonne cfr Qingdao, up by $3.50 per tonne.

MB 62% Fe China Port Price Index: 786 yuan per wet metric tonne (implied 62% Fe China Port Price $104.72 per dry tonne), up by 23 yuan per wmt.

Key drivers Australian miner Rio Tinto will be shipping fewer cargoes of Pilbara Blend fines and lumps in July and August, probably because of the effects of Cyclone Veronica in late March. These included production quality issues and the need...