The seaborne iron ore market slowed down on Friday May 12 amid lower futures prices, after quite a few deals were concluded a day earlier.
Metal Bulletin’s 62% Fe Iron Ore Index was $61.38 per tonne cfr Qingdao on Friday, up by $1 on a daily basis, but down by 25.16% month-on-month.
In addition, Metal Bulletin analysis showed that oversupply concerns have emerged for mid-grade iron ore amid the Vale ramp-up.
Meanwhile, the seaborne coking coal market was stable on May 12, although pessimism continues to linger in the market amid weak fundamentals.
Metal Bulletin’s indices were all unchanged, with premium hard coking coal at $173.28 per tonne cfr China and $183.50 per tonne fob Australia, and hard coking coal at $164.33 per tonne cfr China and $170.11 per tonne fob Australia.
China’s coke export prices have dropped since mid-April, with the plunge in seaborne coking coal prices having more impact than some supply-disrupting policies in the country.
In the scrap...