IRON ORE DAILY: Seaborne prices plummet amid huge losses in futures markets

Seaborne mid-grade iron ore prices, as represented by Fastmarkets' index for iron ore 62% fines, cfr Qingdao, fell below the $90 per tonne mark on Wednesday October 16 for the first time since September 3, due to a rapid downturn in the futures markets.

Fastmarkets' iron ore indices
62% Fe fines, cfr Qingdao: $87.86 per tonne, down $5.14 per tonne.
62% Fe Pilbara Blend fines, cfr Qingdao: $86.90 per tonne, down $5.14 per tonne.
62% Fe low-alumina fines, cfr Qingdao: $86.38 per tonne, down $5.22 per tonne.
58% Fe fines high-premium, cfr Qingdao: $76.73 per tonne, down $4.25 per tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $93.90 per tonne, down $5 per tonne. 
62% Fe fines, fot Qingdao: 715 yuan per wet metric tonne (implied 62% Fe China Port Price, $92.76 per dry tonne), down 17 yuan per wmt.
Key drivers
China’s steel and iron ore futures suffered huge losses on Wednesday, with the benchmark iron ore contract ended more than 4% lower compared to a day earlier.

In addition, iron ore derivatives on the Singapore...


July Zhang

Alex Theo

October 16, 2019

13:37 GMT

Singapore, Shanghai