Physical iron ore prices rose on Friday August 30 on news that China was willing to proceed with negotiations to resolve its trade war with the United States.
Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $84.66 per tonne, up by $3.19 per tonne.
62% Fe Pilbara Blend Fines, cfr Qingdao: $85.04 per tonne, up by $3.19 per tonne.
62% Fe low-alumina fines, cfr Qingdao: $82.69 per tonne, up by $2.49 per tonne.
58% Fe fines high-premium, cfr Qingdao: $73.84 per tonne, up by $3.55 per tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $92.10 per tonne, up by $2.20 per tonne.
62% Fe fines, fot Qingdao: 701 yuan per wet metric tonne (implied 62% Fe China Port Price, $90.01 per dry tonne), up by 3 yuan per wmt.
Key drivers
Seaborne iron ore prices rallied with analysts believing that the sudden surge in trading activity was probably prompted by news that China did not wish to escalate the trade war with the US.
Chinese officials said late on August 29 that they were “willing to negotiate and collaborate to solve this problem with a calm attitude,”…