Iron ore holds $75/dmt mark
Seaborne iron ore remained above $75/dmt level as the buying waned a bit during the end of the week, but demand for March delivery shipments remained robust. Also, trades dried up towards the end of the week.
Onto the benchmark for seaborne spot iron ore prices, Platts assessed the 62% Fe IODEX & TSI Iron Ore Fines at $75.40/dmt CFR North China on Friday. Meanwhile, TSI 58% Fe Fines, 1.5% Al, CFR Qingdao port closed the week at $69.50/dmt.
Further, Chinese futures rose to multiweek high as the benchmark rebar contract at Shanghai Futures Exchange closed 1.4 percent higher at 3,710 after hitting a peak of 3,740 yuan ($553.38) a tonne during early trade, their highest since Nov.1. Hot-rolled coil futures rose 0.9 percent to 3,608 yuan a tonne. At Dalian Commodity Exchange, the most-active iron ore futures contract edged up 0.3 percent to 534 yuan a tonne. Dalian coking coal pared early gains and closed 1.1 percent lower at 1,213 yuan, while coke contract for May delivery climbed 0.4 percent to 2,048.5 yuan.