Iron ore prices continued to retreat on Thursday February 21, with Chinese steelmakers cautious abouthigh costs.
MB 62% Fe Iron Ore Index: $86.68 per tonne cfr Qingdao, down $1.32 per tonne. MB 62% Fe Pilbara Blend Fines Index: $86.08 per tonne cfr Qingdao, down $1.32 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $88.36 per tonne cfr Qingdao, down $0.74 per tonne. MB 58% Fe Premium Index: $77.23 per tonne cfr Qingdao, down $0.38 per tonne. MB 65% Fe Iron Ore Index: $99.80 per tonne cfr Qingdao, down $0.40 per tonne. MB 62% Fe China Port Price Index: 646 yuan per wet metric tonne (implied 62% Fe China Port Price $85.61 per dry tonne), down 2 yuan per wet metric tonne.Key driversMills in China have kept making efforts to reduce iron ore costs given the apparent lack of improvement in the steel markets and the recent pick up in coke prices.Current iron ore prices are "too high" and eating into margins, steelmaker...