Seaborne iron ore prices fell on Friday July 17 amid limited trading activity for the mid- and high-grade fines segment due to the current high prices, according to trade sources.
Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $110.31 per tonne, down $1.31 per tonne.
62% Fe low-alumina fines, cfr Qingdao: $112.33 per tonne, down $0.72 per tonne.
58% Fe fines high-grade premium, cfr Qingdao: $98.99 per tonne, down $0.64 per tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $121.50 per tonne, down $0.10 per tonne.
62% Fe fines, fot Qingdao: 854 yuan per wet metric tonne (
implied 62% Fe China Port Price: $112.96 per dry tonne), down by 3 yuan per wmt.
Key drivers
Market participants believe high prices prompted by bullishness during the first half of the week have caused mills to scale back on consumption of iron ore fines for the mid-grade segment.
"The mid-grade fines are just too high priced now, it is going to be difficult for mills to continue to buy even if demand for...