Seaborne iron ore prices fall below $60 per tonne cfr again

A slump in China’s futures and steel markets sent the price of a benchmark seaborne cargo of iron ore below $60 per tonne cfr China on Friday October 27.

Key drivers China’s ferrous futures retreated across the board during the day, with the benchmark contract for iron ore experiencing the heaviest loss of 5.6% in comparison with its settlement price a day earlier. The weathervane steel billet price in Tangshan also dropped 40 yuan ($6) per tonne late in the afternoon. A general weakness in the market and a pre-weekend lull kept iron ore trading activity low, both at Chinese ports and in the seaborne market. This is despite a partial lifting of a suspension on the sintering and pellet production activity of...

Published

July Zhang

October 27, 2017

11:02 GMT

Shanghai