Sea-born iron ore ends the week at $77/dmt
Spot iron ore prices stayed above $75/dmt mark as the buying sentiments for high and medium grades were upbeat despite on increasing inventories at the ports. Upcoming production restrictions on steel meant that the demand for certain grades remained good.
Looking at the benchmark for seaborne spot iron ore prices, Platts assessed the 62% Fe IODEX & TSI Iron Ore Fines at $77.00/dmt CFR North China on Friday. Meanwhile, TSI 58% Fe Fines, 1.5% Al, CFR Qingdao port closed the week at $68.70/dmt.
At Shanghai Futures Exchange, the most actively traded January rebar contract extended gains for a fifth day to reach a six-week high amid falling inventory. Rebar was up 1.2 percent at 4,228 yuan a tonne.
The most-active coking coal futures on the Dalian Commodity Exchange hit 1,433 yuan ($205.97) a tonne when the market opened, a level last seen in September 2017. The contract closed 1.1 percent higher at 1,409 yuan. Coke futures edged up 0.1 percent to 2,437 yuan a tonne, while iron ore for January delivery rose 1.2 percent to 538.5 yuan.