Spot iron ore record more gains on restocking
Seaborne iron ore recorded more gains in the week as the prices ended the week nearing $75/dmt levels as the winter stocking picked up pace in China. Traders typically replenish their stocks ahead of the Chinese new year break, due in early February this year, and sell them when downstream users go back to work after the week-long holiday.
Onto the benchmark for seaborne spot iron ore prices, Platts assessed the 62% Fe IODEX & TSI Iron Ore Fines at $74.70/dmt CFR North China on Friday. Meanwhile, TSI 58% Fe Fines, 1.5% Al, CFR Qingdao port closed the week at $67.70/dmt.
On to the futures, the most-traded iron ore contract for May delivery on the Dalian Commodity Exchange dipped 0.3% to 507 yuan. Dalian coking coal futures rose 1.3% to 1,207 yuan, while coke inched up 0.1% to 1.941 yuan. At Shanghai Futures Exchange,the benchmark Shanghai rebar prices easing 0.4% to 3,509 yuan ($518.57) a tonne and hot-rolled coil futures down 0.4% to 3,415 yuan.