The seaborne iron ore market rose for another day supported by restocking needs from end-users, and spot liquidity showed significant improvement. The 62% Fe Iron Ore Index at USD 87.3/DMT CFR North China Friday, up USD2.5/DMT from Thursday. The front-month March TSI swap went up USD1.75/DMT from Thursday at USD85.9/DMT. "Port transactions have gone up a lot today, and more than half of the cargoes were bought by end-users," a Chinese trader said. With improved steel sales, mills showed more willingness to restock iron ore, but still preferred to buy from ports compared to the seaborne market. Meanwhile, port inventory levels went down on week and sellers increased offers throughout the day. "Pilbara Blend fines was traded at RMB 628/WMT in the morning, but it is difficult to secure the cargo at RMB 635/WMT in the afternoon," a Shanghai-based trader said. Both Pilbara Blend fines and Super Special fines were in popular demand at ports Friday. Platts iron ore 62% Fe iron ore port stock index, or IOPEX North China, was assessed at RMB 646/WMT FOT, up RMB 13/WMT, or at USD86.60/DMT on import-parity basis. IOPEX East China was assessed at RMB 650/WMT FOT, up RMB 18/WMT, or at USD87.12/DMT on import-parity basis. Premiums for seaborne cargoes also increased Friday. Rio Tinto sold 170,000 MT of 62% Fe Pilbara Blend fines at a premium of USD1.75/DMT over March IODEX CFR China, through bilateral negotiations at 5:56 pm Singapore time (0956 GMT), loading March 16-25. Vale sold 100,000 MT of 65% Fe IOCJ fines at a premium of USD1/DMT over 65% Fe Metal Bulletin index late afternoon, loading February 13. Report By: Naeemeh Ferdosi
