Iron ore prices continued to weaken on Thursday April 12, tracking the decline in China's steel market.
Metal Bulletin 62% Fe Iron Ore Index: $64.47 per tonne cfr Qingdao, down by $0.32 per tonneMetal Bulletin 58% Fe Premium Index: $52.26 per tonne cfr Qingdao, down by $0.25 per tonneMetal Bulletin 65% Fe Iron Ore Index: $81.70 per tonne cfr Qingdao, unchangedMetal Bulletin 62% Fe China Port Price Index: 461 yuan per wet tonne (implied 62% Fe China Port Price $63.69 per dry tonne), up by 3 yuan per wet tonneKey driversChina's spot rebar and hot-rolled coil prices fell 10-40 yuan ($1.60-6.40) per tonne during the day in comparison with Wednesday.The benchmark iron ore futures contract largely trended downward during the day, after posting gains on Wednesday night. The contract still closed higher than a day earlier, however.In the physical iron ore market, trading activity remained lackluster at Chinese ports, with prices largely down by the...