Spot iron ore inches towards $70/dmt mark
Iron ore prices in the sea-borne market inched toward $70/dmt mark as the demand remained robust with Chinese steel mills increased buying activities as the possibility that a restriction on production amid heating season demand might be announced soon.
Looking at the benchmark for seaborne spot iron ore prices, Platts assessed the 62% Fe IODEX & TSI Iron Ore Fines at $69.60/dmt CFR North China on Friday. Meanwhile, TSI 58% Fe Fines, 1.5% Al, CFR Qingdao port closed the week at $60.40/dmt.
Iron ore futures traded on the Dalian Commodity Exchange fell slightly on Friday, with the most liquid January contract last trading at Yuan 501.5/dmt ($73.35/dmt), down Yuan 2/dmt on the day, and settling at Yuan 502/dmt, up Yuan 3.5/dmt over the same period.
Steel rebar futures rallied Friday, with the most actively traded January contract on the Shanghai Futures Exchange last trading at Yuan 4,090/mt, up Yuan 19/mt on the day, and settling at Yuan 4,075/mt, up Yuan 22/mt over the same period.