Seaborne iron ore prices rose on Thursday November 11, tracking the upward movements in Chinese futures and front-month swaps contracts, but most market participants remained cautious because of weak demand for physical iron ore, sources told Fastmarkets.
Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $92.57 per tonne, up $3.67 per tonne
62% Fe low-alumina fines, cfr Qingdao: $94.03 per tonne, up $4.40 per tonne
58% Fe fines high-grade premium, cfr Qingdao: $65.59 per tonne, up $4.36 per tonne
65% Fe Brazil-origin fines, cfr Qingdao: $109.20 per tonne, up $4.80 per tonne
63% Fe Australia-origin lump ore premium, cfr Qingdao: $0.1100 per dry metric tonne unit (dmtu), down $0.0400 per dmtu
62% Fe fines, fot Qingdao: 629 yuan per wet metric tonne (
implied 62% Fe China Port Price: $89.98 per dry tonne), up by 12 yuan per wmt
Key drivers
The most-traded January iron ore futures contract on the Dalian Commodity Exchange (DCE) trended upward on Thursday, ending up 6.2% from Wednesday's closing price of 536.50 yuan ($84) per tonne.
Iron ore...