Iron ore prices fell over the period amid weakening steel and futures markets, after two weeks of gains.
Metal Bulletin’s 62% Fe Iron Ore Index reached $86.72 per tonne cfr Qingdao on Friday March 10, down from $91.32 per tonne cfr a week earlier.
But the physical iron ore market became steadier on Friday as futures and steel prices stabilised and expectations grew for demand to pick up next week as production cuts in north China come to an end.
Meanwhile, Metal Bulletin’s index for premium hard coking coal was stable during the week at $166.96 per tonne cfr China, while the index for Australia’s premium hard coking coal declined to $157.13 per tonne fob on Friday from $159.03 per tonne fob on Monday.
The ability of traders to seek out demand in China, where some hurdles have emerged against imports in one province, will determine the course of the seaborne coking coal market next week.