Physical iron ore prices weakened on Friday May 18 in line with drops in the rebar and futures markets.
Metal Bulletin 62% Fe Iron Ore Index: $66.92 per tonne cfr Qingdao, down by $0.57 per tonne Metal Bulletin 58% Fe Premium Index: $54.42 per tonne cfr Qingdao, down by $0.14 per tonne Metal Bulletin 65% Fe Iron Ore Index: $85.80 per tonne cfr Qingdao, down by $0.60 per tonne Metal Bulletin 62% Fe China Port Price Index: 481 yuan per wet tonne (implied 62% Fe China Port Price $66.21 per dry tonne), unchangedKey driversChina's ferrous futures tanked across the board during the day while spot rebar prices also fell by 10-40 yuan ($1.60-6.30) per tonne.A miner's tender for a seaborne...