IRON ORE DAILY: Price slump raises concerns of potential move into bearish territory

Iron ore prices slumped further on Wednesday September 16, on weaker-than-expected demand for steel, raising concerns that the market could start to move into bearish territory as it did in 2019.

Fastmarkets iron ore indices 
62% Fe fines, cfr Qingdao: $124.20 per tonne, down $4.32 per tonne
62% Fe low-alumina fines, cfr Qingdao: $124.40 per tonne, down $4.50 per tonne
58% Fe fines high-grade premium, cfr Qingdao: $114.50 per tonne, down $3.52 per tonne
65% Fe Brazil-origin fines, cfr Qingdao: $137.80 per tonne, down $5 per tonne
62% Fe fines, fot Qingdao: 937 yuan per wet metric tonne (implied 62% Fe China Port Price: $128.20 per dry tonne), down by 24 yuan per wmt
Key drivers
The most-traded January iron ore futures contract on the Dalian Commodity Exchange (DCE) continued to slide at the start of the day and slumped further in afternoon trading to end the day down 3.7% compared with Tuesday’s closing price.

Iron ore swaps contracts on the Singapore Exchange (SGX) followed a similar...

Published

Zihao Yu

September 16, 2020

11:33 GMT

Singapore