Lower-grade iron ore spot prices reached a two-year high as 58% fines leapt 5.1% to $63.74 per metric tonne (mt), while the spread between 58% and 62% fines narrowed to its least since December 2016. The figures come as exporters face bottlenecks at Qingdao's ports, including Dalian, China and Yingkou, according to data from Refinitiv. Traders blamed harbour authorities for "taking longer than usual" to clear the imports, with the week-long Lunar New Year holiday set to lengthen delays.
Lower-grade iron ore spot prices reached a two-year high as 58% fines leapt 5.1% to $63.74 per metric tonne (mt), while the spread between 58% and 62% fines narrowed to its least since December 2016. The figures come as exporters face bottlenecks at China's ports, including Dalian, Qingdao and Yingkou, according to data from Refinitiv. Traders blamed harbour authorities for "taking longer than usual" to clear the imports, with the week-long Lunar New Year holiday set to lengthen delays.