Physical iron ore prices were rangebound on Thursday May 3 amid mixed signals from the futures and steel markets.
Metal Bulletin 62% Fe Iron Ore Index: $66.87 tonne cfr Qingdao, down by $0.11 per tonne Metal Bulletin 58% Fe Premium Index: $56.02 per tonne cfr Qingdao, up by $0.08 per tonne Metal Bulletin 65% Fe Iron Ore Index: $85.30 per tonne cfr Qingdao, unchanged Metal Bulletin 62% Fe China Port Price Index: 477 yuan per wet tonne (implied 62% Fe China Port Price $65.83 per dry tonne), down by 1 yuan per wet tonne Key driversChina's ferrous futures largely opened high and trended down during the day, with the benchmark steel contracts falling into negative territory while the iron ore contract was still 1.2% higher than the preceding day's...