Seaborne iron ore prices surged above the $70 per tonne cfr mark on Friday December 14 amid bullish trading in both physical and futures markets.
MB 62% Fe Iron Ore Index: $70.74 per tonne cfr Qingdao, up $3.09 per tonne.MB 62% Fe Pilbara Blend Fines Index: $70.54 per tonne cfr Qingdao, up $3.62 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $72.17 per tonne cfr Qingdao, up $1.29 per tonne.MB 58% Fe Premium Index: $62.20 per tonne cfr Qingdao, up $1.49 per tonne.MB 65% Fe Iron Ore Index: $85.30 per tonne cfr Qingdao, up $1.80 per tonne.MB 62% Fe China Port Price Index: 544 yuan per wet metric tonne (implied 62% Fe China Port Price $69.71 per dry tonne), up 4 yuan per wet metric tonne.Key driversChina's benchmark ferrous futures contracts all closed with gains from the settlement levels a day earlier, and the country's spot rebar and hot-rolled coil prices also gained 10-50 yuan ($1.50-7.30) per tonne in the day.While the January 62% Fe iron ore swaps contract on the Singapore Exchange rose above...