Morning Iron Ore

Physical Trades:
COREX:   Vale62.5 fines, Fe 62.30%,260,000mt, Platts[NOR-5D,NOR+5D],62%,+$0.50/mt, loading 2016-09-21~2016-09-30
COREX: PBF +PBL, Fe 61% + Fe 62.5%, 120,000+50,000mt, Platts[2016-10-01,2016-10-31],62%,+$0.80/mt + Platts[2016-10-01,2016-10-31],62% loading 2016-
Rio Tinto sold 61%-Fe Australian Pilbara Blend fines at $56.03/dmt CFR Qingdao via spot tender, 170,000 mt loading October 13-22

China Markets Closing:
RB1701 2282 -50  H 2321 L 2252
IO1701 406 -7 H 412.5 L 401.5

Indices:
TSI 62%: 55.90 -0.3 MTD : 56.74
TSI 58%:  47.80 -0.1 MTD : 48.43
Platts 62%: 55.85 unch  MTD : 57.33

SGX Swaps/Futures Transacted Prices:
Sep $56.75
Oct $55.00, $55.10, $55.15, $55.20, $55.25, $55.30, $55.35, $55.40
Nov $53.00, $53.05, $53.25
Dec $51.20, $51.25, $51.30, $51.45, $51.50
Nov+Dec $51.75
Q4 $53.20, $53.25, $53.30, $53.40, $53.50
Jan $50.40, $50.25, $49.85
Jul $44.95
Q1 $48.90, $49.00, $49.25, $49.30, $49.40
Q2 $46.25, $46.30, $46.60 Q3
$44.20
Q4 $42.40
2017 $45.50, $45.75, $46.00
Oct/Nov $2.10
Oct/Dec $3.80
Nov/Dec $1.80
Dec/Jan $1.20
Q4/Q1 $4.20
Q4/2017 $7.50
Feb/Mar $1.05
Q1/Q2 $2.80
Q2/Q3 $2.10

TSI Comments:
There was an uptick in spot iron ore market activity today, though most buyers still preferred to buy on a floating price basis rather than fixed. Fixed price offers being made privately came lower. An Australian held a tender for 61% Fe PB Fines closed just over 56. On COREX, a shipment of similar cargo was offered at 56.1 without any bids, while Jimblebar Fines were offered at 52.8 and 57.2% Fe Yandi fines stood at 45.75/48.8. Also on the same platform, 62.5% Vale fines and a shipment of PB fines combined with lumps traded at a floating price. On globalORE there was an offer for 62% Fe PB fines above 57, though the closest bid stood at 53.05. In China, there was more buying activity for port stocks, and prices firmed slightly. The most active iron ore futures contract on the DCE rebounded by 1.72%. SHFE rebar futures went up 0.13%. Spot rebar fell RMB 15/t in Beijing again. Billet prices in Tangshan were stable.

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