Physical iron ore prices dropped on Monday October 14 following losses in the derivatives markets.
Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $91.49 per tonne, down $2.27 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $92.03 per tonne, down $0.22 per tonne.62% Fe low-alumina fines, cfr Qingdao: $90.17 per tonne, down $2.73 per tonne.58% Fe fines high-premium, cfr Qingdao: $79.43 per tonne, down $3.25 per tonne.65% Fe Brazil-origin fines, cfr Qingdao: $97 per tonne, down $2.30 per tonne. 62% Fe fines, fot Qingdao: 741 yuan per wet metric tonne (implied 62% Fe China Port Price, $96.20 per dry tonne), down 5 yuan per wet metric tonne.63% Fe Australia-origin lump ore premium, cfr Qingdao: $0.23 per dry metric tonne unit, up $0.02 per dmtu.Key driversChina's ferrous futures opened higher on Monday morning but then largely trended down, finishing the day with a sharp drop in the last 30 minutes before the 3pm close.The benchmark iron ore contract ended 2.4% lower than last Friday's settlement level.The November 62% Fe iron ore contract on the...