Bullish sentiment returns after Lunar New Year

摘要

Seaborne iron ore prices jumped on recovering steel prices in China in the week ended Feb. 19 as market activity resumed following the Chinese New Year holidays. The 62% Fe IODEX increased $6.25/dmt over the week from $165.95/dmt on Feb. 11 to $172.20/dmt CFR North China on Feb. 19. As Chinese market participants returned from their holidays on Feb. 18, there was strong buying interest for March loading cargoes as traders were optimistic over reselling opportunities in both quayside and seaborne markets. Downstream work resumption is expected to be faster than usual as migrant workers stayed put during the CNY holidays due to coronavirus concerns, according to market sources based in China.