TRADE REVIEW: Soaring iron ore prices set to face hurdles in Q1

摘要

Seaborne iron ore prices defied the usual late year seasonal slowdown to hit multiyear highs in the final quarter of 2020, with demand fueled by strong steel margins and high output -- but margin pressures and the seasonal Lunar New Year holiday slowdown are likely to take the heat out of the rally in the first quarter of 2021. The S&P Global Platts 62% Fe Iron Ore fines index, or IODEX, surged to a nine-year high at $177.15/dry mt CFR China Dec. 21, after starting the quarter at $123.15/mt, due to a combination of speculative buying and restocking ahead of winter and Lunar New Year.