IRON ORE DAILY: Prices slump amid weak mill margins ahead of Chinese New Year

Iron ore prices fell on Thursday January 28, with weak mill margins and expected crude steel production cuts weighing on market sentiment, sources told Fastmarkets

Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $157.42 per tonne, down $9.17 per tonne
62% Fe low-alumina fines, cfr Qingdao: $158 per tonne, down $8.65 per tonne
58% Fe fines high-grade premium, cfr Qingdao: $143.81 per tonne, down $8.41 per tonne
65% Fe Brazil-origin fines, cfr Qingdao: $182.10 per tonne, down $8.10 per tonne
62% Fe fines, fot Qingdao: 1135 yuan per wet metric tonne (implied 62% Fe China Port Price: $163.5 per dry tonne), down by 21 yuan per wmt
Key drivers

The most-trade iron ore futures May contract on Dalian Commodity Exchange (DCE) decreased steadily through the day and closed below 1,000 yuan per tonne level for the first time...


Zihao Yu

January 28, 2021

11:49 GMT