Seaborne iron ore prices surged on Thursday September 12 amid support from Chinese steelmakers stocking up ahead of the week-long National Day holiday at the start of October.
Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $99.30 per tonne, up $4.64 per tonne.
62% Fe Pilbara Blend fines, cfr Qingdao: $99.69 per tonne, up $4.64 per tonne.
62% Fe low-alumina fines, cfr Qingdao: $97.60 per tonne, up $4.65 per tonne.
58% Fe fines high-premium, cfr Qingdao: $86.57 per tonne, up $4.07 per tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $105.60 per tonne, up $4.20 per tonne.
62% Fe fines, fot Qingdao: 768 yuan per wet metric tonne (implied 62% Fe China Port Price, $99.45 per dry tonne), up 14 yuan per wet metric tonne.
Key drivers
Chinese steelmakers were still building inventories ahead of the upcoming holiday in October, which prompted a strong support for prices, according to market participants.
A trader added that some steelmakers are also anticipating stricter production restrictions as the country’s 70th National Day celebrations draw near.
This prompted discounts to narrow for some low-grade iron product with…