IRON ORE DAILY: Prices retreat further in response to weak steel market

Physical iron ore prices continued to fall on Thursday July 18 with market participants becoming cautious about rising steel inventories and weaker prices in China.

Fastmarkets’ index for iron ore 62% Fe fines, cfr Qingdao: $119.90 per tonne, down $1.37 per tonne. Fastmarkets’ index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $119.82 per tonne, down $1.37 per tonne. Fastmarkets’ index for iron ore 62% Fe low-alumina fines, cfr Qingdao: $121.31 per dry metric tonne, down $1.64 per dmt. Fastmarkets’ index for iron ore 58% Fe fines high-grade premium, cfr Qingdao: $109.85 per tonne, down $1.95 per tonne. Fastmarkets’ index for iron ore 65% Fe Brazil-origin fines, cfr Qingdao: $127.40 per tonne, down $1.20 per tonne. Fastmarkets’ index for iron ore 62% Fe fines, fot Qingdao: 897 yuan per wet metric tonne (implied 62% Fe China Port Price $120.89 per dry tonne), down 1 yuan per wmt. Key drivers Industry data released on Thursday shows that China’s finished steel output increased over the past week and that inventories, especially of long products, are now growing. Some mills in the north steelmaking hub...

Published

July Zhang

Alex Theo

July 18, 2019

13:34 GMT

Shanghai, Singapore