IRON ORE DAILY: Prices dip despite China’s strong iron ore imports

Iron ore prices decreased on Friday August 7, with China's strong iron ore imports data for July potentially easing the uptrend and bullish sentiment, resulting in a correction in prices, sources said.

Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $119.21 per tonne, down $2.06 per tonne
62% Fe low-alumina fines, cfr Qingdao: $119.16 per tonne, down $2.02 per tonne
58% Fe fines high-grade premium, cfr Qingdao: $103.90 per tonne, down $1.78 per tonne
65% Fe Brazil-origin fines, cfr Qingdao: $126.90 per tonne, down $1.50 per tonne
62% Fe fines, fot Qingdao: 908 yuan per wet metric tonne (implied 62% Fe China Port Price: $121.11 per dry tonne), down by 5 yuan per wmt
Key drivers
The iron ore futures market closed at a loss compared to yesterday on the Dalian Commodity Exchange, where the most-traded September futures contract lost as much as 2.2% in the morning trading session before rebounding and ending the day with a decrease of 1.5%.

Meanwhile, iron ore swaps on the Singapore Exchange dropped by...

Published

Zihao Yu

August 07, 2020

13:05 GMT

Singapore