Restocking demand bolsters Asian iron ore prices

摘要

Singapore—Seaborne iron ore prices strengthened in Asia on continued restocking interest for October. S&P Global Platts assessed the 62% Fe Iron Ore Index at $118.95/ dry mt CFR North China on Sept. 29, up $1.9/dmt from Sept. 28. The front-month October 62% Fe derivatives was up $2.4/dmt from Sept. 28 at $116.9/dmt on Sept. 29. Vale halted concentrate activities at its Viga mine in Minas Gerais state, due to a judicial ruling that demands it stop using a related tailings dam. Market sources do not expect the suspension to create any meaningful impact on supply due to the size of the mine, estimated at 11,000 mt/day. On the contrary, sources said the iron ore price outlook post the Golden Week holidays still hinges on downstream steel demand, rather than iron ore supply.