IRON ORE DAILY: Prices weaken as outlook for downstream sector turns sour

Seaborne iron ore prices dropped closer to the $80-per-tonne level on Monday March 30 on plunging rebar prices in China and a negative outlook for downstream demand in April among some market participants.

Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $82.98 per tonne, down $3.38 per tonne
62% Fe low-alumina fines, cfr Qingdao: $83.88 per tonne, down $3.14 per tone
58% Fe fines high-grade premium, cfr Qingdao: $71.97 per tonne, down $2.84 per tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $97.90 per tonne, down $3.50 per tonne
62% Fe fines, fot Qingdao: 657 yuan per wet metric tonne (62% Fe China Port Price: $84.77 per dry tonne), down 13 yuan per wmt.
Key drivers
Prices are expected to average lower next month compared with March due to the lower-than-expected rebar demand at the start of the second quarter, several market sources said.

Physical rebar prices...

Published

Karen Shi

Zihao Yu

March 30, 2020

12:15 GMT