IRON ORE DAILY: Further slump in prices for seaborne cargoes due to short-term uncertainty

Seaborne iron ore prices were down on Monday July 27, prompted by uncertainty over the short-term outlook due to escalating political tensions between the United States and China, according to trade sources.

Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $107.68 per tonne, down $1.71 per tonne.
62% Fe low-alumina fines, cfr Qingdao: $109.66 per tonne, down $1.90 per tonne.
58% Fe fines high-grade premium, cfr Qingdao: $94.44 per tonne, down $3.12 per tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $119.40 per tonne, down $1.40 per tonne.
62% Fe fines, fot Qingdao: 850 yuan per wet metric tonne (implied 62% Fe China Port Price: $112.07 per dry tonne), up by 4 yuan per wmt
Key drivers
In a retaliation to the closure of the Chinese Consulate in Houston, Texas last Friday, China has ordered the closure of the US Consulate in Chengdu, Sichuan. Chinese authorities were heard to have reclaimed the former US Consulate offices as of Monday morning, according to local media outlets.

“The political tensions are on a high now,...

Published

Alex Theo

July 27, 2020

12:16 GMT

Singapore