IRON ORE DAILY: Prices dip toward $83/t amid derivative losses

Physical iron ore prices weakened further on Thursday November 7 amid losses in derivatives markets.

Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $83.17 per tonne, down $0.30 per tonne.
62% Fe Pilbara Blend fines, cfr Qingdao: $83.20 per tonne, down $0.09 per tonne.
62% Fe low-alumina fines, cfr Qingdao: $82.05 per tonne, down $0.81 per tonne.
58% Fe fines high-premium, cfr Qingdao: $72.12 per tonne, down $0.78 per tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $92.70 per tonne, unchanged. 
62% Fe fines, fot Qingdao: 652 yuan per wet metric tonne (implied 62% Fe China Port Price, $85.27 per dry tonne), down 3 yuan per wet metric tonne.
Key drivers
China’s steel and iron ore futures were largely rangebound on Thursday morning, but they dropped in the afternoon, with the benchmark January iron ore contract ending 2.2% lower than Wednesday’s settlement level.

The December 62% Fe...


July Zhang

November 07, 2019

12:05 GMT