Iron ore market participants took caution on Wednesday November 21 amid volatility in paper markets and continued drops in steel prices.
MB 62% Fe Iron Ore Index: $74.06 per tonne cfr Qingdao, down $0.59 per tonne.MB 62% Fe Pilbara Blend Fines Index: $73.25 per tonne cfr Qingdao, down $0.59 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $78.06 per tonne cfr Qingdao, down $1.16 per tonne.MB 58% Fe Premium Index: $64.27 per tonne cfr Qingdao, down $0.07 per tonne.MB 65% Fe Iron Ore Index: $92.60 per tonne cfr Qingdao, unchanged.MB 62% Fe China Port Price Index: 583 yuan per wet metric tonne (implied 62% Fe China Port Price $74.53 per dry tonne), down by 8 yuan per wmt.Key driversChina's ferrous futures plunged further on Tuesday night across the board, but they recovered losses on Wednesday. The benchmark iron ore contract jumped in the last 30 minutes before the 3pm close to end 1.3% higher than Tuesday's settlement.The country's spot steel prices continued to tumble, with those for hot-rolled coil down 30-80...