Last week, iron ore prices returned to levels not seen since before the coronavirus was officially declared a public health emergency of international concern (PHEIC) by the World Health Organisation (WHO).

According to Kallanish indexes, the KORE 62% Fe index gained $1.81/tonne to $91.86/ dry metric ton cfr Qingdao on Friday, the highest level since 26 January. According to the WHO official timeline, coronavirus was officially declared a PHEIC on 30 January when less than 8,000 cases had been confirmed worldwide. Since then iron ore prices have been under some pressure, but managed to remain always above the $80/t cfr Qingdao for 62% content.

The rise registered last Friday was supported by firm Chinese economic data and falling port stocks. With political meetings expected to announce policy support for the economy this week, traders are confident high prices can be sustained.