Iron Ore market sentiment picked up on Friday, with futures on the Dalian bourse and Shanghai rebar futures both rallying around 1%, while traders reporting a slight uptick in enquiries for spot ore, said The Steel Index.
Transaction prices caused some confusion, however, with a vast disparity seen between prices paid for PB fines and other products.
PB sold once via tender at over 82, and again on CBMX at 83 – both basis 61% Fe - and on globalORE at 83.5 basis 62% Fe. Other Australian and Brazilian 61-62% Fe products (albeit with higher impurities) were trading privately below 80, while a cargo of 62% Fe “MNP” fines traded at 81 on globalORE.
A Brazilian miner sold 63.11% Fe fines in a floating price tender. Prices for stockpiled iron ore imports at major Chinese ports held firm again. Billet prices in northern China gained RMB 20/t.
All prices US$/dmt CFR China unless otherwise stated.
Source: Shanghai Metals Market
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