Iron ore closes over $70/dmt mark
Spot iron ore prices breached $70/dmt mark as the Chinese mills kept building the inventories ahead of restriction of steel production. Besides, the upside in the sea-borne prices was also supported by reducing port inventories at Chinese ports.
Onto the benchmark for seaborne spot iron ore prices, Platts assessed the 62% Fe IODEX & TSI Iron Ore Fines at $71.50/dmt CFR North China on Friday. Meanwhile, TSI 58% Fe Fines, 1.5% Al, CFR Qingdao port closed the week at $62.25/dmt.
At Shanghai Futures Exchange, the most-active rebar contract for January delivery closed 2.1 percent higher at 4,106 yuan ($593.96) a tonne. Hot-rolled coil prices gained 1.2 percent to 3,931 yuan a tonne.
Furthermore, at Dalian Commodity Exchange, the most-traded iron ore futures on the climbed 0.6 percent to 515 yuan a tonne. Dalian coke futures soared as much as 3.6 percent to 2,537 yuan a tonne, highest since Aug.30, while coking coal prices rose 1 percent to 1,375 yuan.