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Seaborne iron ore prices rebounded on Friday on sustained procurement preference and supply tightness for MNP fines with the 62% Fe Iron Ore Index at $218.70/dry mt CFR North China on June 25, up $3.80/dmt from June 24. Market participants continued to observe a heavy reliance on mainstream fines with higher ferrous content including Brazilian fines, Australian Pilbara Blend fines, Newman fines and MAC fines (MNP) among Chinese mills due to the recent rise in domestic coking coal prices. “Mills would unlikely make the switch toward lower grade fines unless margins remain negative for at least one or two months,” said a Chinese trader source. (Platts)
Iron ore price, page-33564
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