Iron ore prices in the seaborne market fell further on Thursday September 10, with market sources saying that although the fundamentals of iron ore remained stable, the high levels of steel inventories dragged prices downward.
Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $126.09 per tonne, down by $0.45 per tonne
62% Fe low-alumina fines, cfr Qingdao: $126.15 per tonne, down by $0.68 per tonne
58% Fe fines high-grade premium, cfr Qingdao: $114.47 per tonne, down by $0.46 per tonne
65% Fe Brazil-origin fines, cfr Qingdao: $139.40 per tonne, unchanged
62% Fe fines, fot Qingdao: 949 yuan per wet metric tonne (
implied 62% Fe China Port Price: $128.78 per dry tonne), down by 11 yuan per wmt.
Key drivers
The most-traded January iron ore futures contract on the Dalian Commodity Exchange (DCE) experienced a steady drop through the day but rebounded slightly before the close, ending at a decrease of only 0.3%.
Following a similar trend, the most liquid October iron ore swaps contract on the Singapore Exchange dropped by as much as $1 per...