Iron ore prices continued to retreat on Tuesday February 26 with Chinese steelmakers still intent on reducing input costs due to no improvements in terms of output profitability.
MB 62% Fe Iron Ore Index: $83.75 per tonne cfr Qingdao, down $1.09 per tonne. MB 62% Fe Pilbara Blend Fines Index: $83.15 per tonne cfr Qingdao, down $1.09 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $85.49 per tonne cfr Qingdao, down $0.93 per tonne. MB 58% Fe Premium Index: $76.12 per tonne cfr Qingdao, down $0.82 per tonne. MB 65% Fe Iron Ore Index: $96.50 per tonne cfr Qingdao, down $0.40 per tonne.MB 62% Fe China Port Price Index: 629 yuan per wet metric tonne (implied 62% Fe China Port Price $83.55 per dry tonne), down 2 yuan per wet metric tonne.Key driversChinese mills have continued to cut their use and acquisition of higher-cost iron ore products in response to still-flagging margins,...