Platts, part of S&P Global Commodity Insights, assessed the 62% Fe Iron Ore Index at $132/dry mt CFR North China on Nov. 15.
The strengthening iron ore prices observed in recent days are supported by various factors, including recovering demand supply fundamentals coupled with fading discussions around Chinese steel production control and sintering cuts, as well as China positive macroeconomics outlook, market sources told S&P Global Commodity Insights.
Although some participants were concerned that a sharp rise may cause the market to see a price correction in the upcoming days, the strong demand from steel mills and macro-factors has showed continuous support for the market prices.
"The high pig iron production, strong market sentiment amid macroeconomic policies and low port stock inventory drove seaborne prices higher," according to analysts from S&P Global Commodity Insights.
