High Grade iron ore, page-23

Iron ore prices rebound following several days of losses


DAVID SCUTT
AUG 27, 2018, 7:39 AM

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https://edge.alluremedia.com.au/uploads/*/2018/04/Sam-Kerr.jpgTony Feder/Getty Images

• Iron ore spot markets rebounded on Friday after falling to a one-month low on Thursday.
• The move followed renewed strength in Chinese steel futures, helped in part by decline in Chinese inventory levels last week.
• There was little movement in Chinese steel and bulk commodity futures on Friday evening, offering few clues as to what direction spot markets will move today.

Iron ore spot markets rebounded on Friday, led by mid and higher grades.
According to Metal Bulletin, the price for benchmark 62% fines jumped 1.3% to $67.03 a tonne, recovering after falling to a one-month low of $66.20 a tonne on Thursday.
https://edge.alluremedia.com.au/uploads/*/2018/08/MBIOI-62-Aug-27-2018.jpg
Mirroring the move in the benchmark, higher grades also rallied with the price for 65% fines rising 1.2% to $93.80 a tonne.
Lower grades were the relative laggard with the price for 58% fines adding a solitary cent to settle at $36.40 a tonne.
The rebound in mid and higher grades followed a similar move in rebar futures in Shanghai which recovered from early losses to close firmly in the black.
Higher grades have settled in a very stable price range which fairs well for those suppliers.