Seaborne iron ore prices rose strongly above $90 per tonne cfr China on Monday September 9, reflecting gains in the futures and steel markets after the Chinese government boosted liquidity in the commercial banking sector.
Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $92.97 per tonne, up $3.92 per tonne.
62% Fe Pilbara Blend fines, cfr Qingdao: $93.36 per tonne, up $3.92 per tonne.
62% Fe low-alumina fines, cfr Qingdao: $90.30 per tonne, up $3.50 per tonne.
58% Fe fines high-premium, cfr Qingdao: $80.47 per tonne, up $0.23 per tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $98.90 per tonne, up $3.10 per tonne.
62% Fe fines, fot Qingdao: 742 yuan per wet metric tonne (implied 62% Fe China Port Price, $96.61 per dry tonne), up 2 yuan per wmt.
63% Fe Australia-origin lump ore premium, cfr Qingdao: $0.1000 per dry metric tonne unit, down $0.0200 per dry metric tonne unit.
Key drivers
China’s steel futures reacted positively last Friday night to the cut in the banking sector’s reserve ratio requirement.
On Monday, the benchmark rebar…