Prices for mid-grades of iron ore went down on Thursday August 13 with the expectation of an easing of the cargo congestion at ports in China, sources have told Fastmarkets.
Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $121.38 per tonne, down by $0.13 per tonne.
62% Fe low-alumina fines, cfr Qingdao: $120.55 per tonne, down by $0.45 per tonne.
58% Fe fines high-grade premium, cfr Qingdao: $106.10 per tonne, down by $0.41 per tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $128.50 per tonne, up by $0.10 per tonne.
62% Fe fines, fot Qingdao: 917 yuan per wet metric tonne (
implied 62% Fe China Port Price: $122.46 per dry tonne), down by 1 yuan per wmt.
Key drivers
Market sources said that the reduction of congestion at ports could weaken the bullish market even though demand for iron ore remained strong.
"The China Iron & Steel Association [Cisa] has said that the congestion problem, due to the bad weather, should be solved by the end of the month... The expected...