IRON ORE DAILY: Bullish trend in futures spills into seaborne market

摘要

Seaborne iron ore prices went up on Wednesday October 17 amid bullish sentiment and a surge in the paper markets.China’s ferrous futures advanced across the board during the day, with the benchmark iron ore contract spiking before 3pm to close with the biggest gain of 2.7% compared with Tuesday’s settlement.This further boosted sentiment in the physical iron ore markets, with higher transaction prices reported for both portside and seaborne trades, especially for mainstream 62% Fe fines.Offers for index-linked Capesize shipments of Pilbara Blend fines were raised to a premium of $1.80 per tonne, while a joint cargo of PB fines and lumps changed hands at a premium of $1.20 per tonne, according to sources.