IRON ORE DAILY: Buyers will honor long-term contracts amid talks of downstream cuts

Seaborne iron ore prices were down on Thursday January 30 while market participants further lowered estimates of physical transaction prices amid talk of steel production cuts in China and resulting concerns over the impact on mills' raw material procurement.

Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $84.94 per tonne, down $1.90 per tonne
62% Fe low-alumina fines, cfr Qingdao: $86.55 per tonne, down $2.03 per tonne
65% Fe Brazil-origin fines, cfr Qingdao: $100.20, down $3.10 per tonne
62% Fe fines, fot Qingdao: 702 yuan per wet metric tonne (Implied 62% Fe China Port Price: $92.86 per dry tonne), unchanged
Key Drivers

No fixed-price spot bids, offers or trades were heard in the physical...

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