Seaborne iron ore prices fell on Monday June 29 due to a weak demand outlook, reflecting heavy rainfall in several parts of China and fresh pollution control restrictions imposed on mills in Tangshan for the month of July.
Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $99.85 per tonne, down $3.49 per tonne.
62% Fe low-alumina fines, cfr Qingdao: $102.45 per tonne, down $4.04 per tonne.
58% Fe fines high-grade premium, cfr Qingdao: $89.81 per tonne, down $3.03 per tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $112 per tonne, down $3.80 per tonne.
62% Fe fines, fot Qingdao: 791 yuan per wet metric tonne (
implied 62% Fe China Port Price: $103.14 per dry tonne), down by 13 yuan per wmt.
Key drivers
Market participants observed steep drops in both the Chinese iron ore most-traded September futures contract and the 62% Fe iron ore fines July swap contract on the Singapore Exchange (SGX).
The heavy rain in the eastern and southern regions of China is forecast to continue for at least three more days and has caused...