Iron ore holds steady in the week despite supply tightening
Sea-borne iron ore ended the week broadly steady despite of marginal gains in the latter half as the supply seemed constraint which more or less nullified the impact of depleted trading activities ahead upcoming Golden Week holidays.
Looking at the benchmark for seaborne spot iron ore prices, Platts assessed the 62% Fe IODEX & TSI Iron Ore Fines at $69.50/dmt CFR North China on Friday. Meanwhile, TSI 58% Fe Fines, 1.5% Al, CFR Qingdao port closed the week at $60.25/dmt.
On to the iron ore futures, the most active contract at Dalian Commodity Exchange fell 1 percent to 495.50 Yuan/mt on Friday. The most actively traded rebar contract on the Shanghai Futures Exchange closed down 2.7 percent at 3,944 Yuan/mt ($573), after initially touching 3,907 Yuan.