Pre-National Day restocking underpins demand

摘要

Seaborne iron ore prices have been on a roller-coaster over the past six weeks, tumbling from $113.90/mt CFR China at the start of August to $85.85/mt by the end of that month. Demand and prices have improved in September as China emerges from its seasonal slowdown, with restocking taking place ahead of the National Day holidays at the start of October. Tight supply of Pilbara Blend fines (see report on brand assessments in this issue), particularly at Chinese ports, has helped induce more buying of seaborne cargoes.