Iron ore prices rose again last week as local analysts and business media turned to other interests and ignored the gains.
The Metal Bulletin’s Fastmarkets index for 62% Fe iron ore fines rose 3% to $US88.06 on Friday, while the price of 65% fines jumped over $US100 a tonne for the first time in weeks.
The price for the 65% fines has risen under pressure from Chinese mills looking for high-grade ores to help offset the production restrictions caused by smog restrictions imposed during China’s winter heating season.
The price for 62% Fe fines delivered to northern China ended the week before at $US85.04 a tonne, up $US3.02 a tonne.
That follows the near $US5 a tonne rise the week before.
Prices are now up around 10% in the past fortnight and are now around four-week highs.
Meanwhile, the Metals Market Index reports that iron ore stocks across 35 Chinese ports rose 1.12 million tonnes from a week ago to 115.51 million tonnes as of Friday, November 22.
But stocks were 15.85 million tonnes down from the same time in 2018.
