Brazilian iron ore with 65 percent iron content is now priced at $111 per metric ton (mt) CFR China, up from $110/mt a week earlier, market sources told SteelOrbis.
Analysts said this near stability reflects prices supported chiefly by late seasonal buying from Chinese steel producers restocking ahead of the Golden Week holiday in October.
On the supply side, reports that China Mineral Resources will release low-grade ore cargoes for purchase by steel producers are weighing on prices, as they would increase iron ore availability at local ports.
Blast furnace-grade pellets are being exported at $128/mt, unchanged week on week, holding their premium over comparable sinter feed fines steady.
Market sources said Brazilian 65 percent iron ore now commands an 8.3 percent premium over Australian 62 percent material, down from 8.7 percent. The premium remains near the bottom of its historical range, continuing to signal weak demand for higher-grade ore.
In Brazil's domestic market, reference prices are $65/mt for iron ore and $83/mt for pellets, both unchanged week on week, on an ex-works basis excluding taxes.
