Seaborne iron ore prices corrected down on Tuesday May 28 after Monday's surge, amid a retreat in futures and steel prices.
MB 62% Fe Iron Ore Index: $106.11 per tonne cfr Qingdao, down $2.51 per tonne. MB 62% Fe Pilbara Blend Fines Index: $104.59 per tonne cfr Qingdao, down $2.22 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $109.52 per tonne cfr Qingdao, down $1.83 per tonne. MB 58% Fe Premium Index: $97.82 per tonne cfr Qingdao, down $1.64 per tonne. MB 65% Fe Iron Ore Index: $121.60 per tonne cfr Qingdao, down $1.80 per tonne.MB 62% Fe China Port Price Index: 779 yuan per wet metric tonne (implied 62% Fe China Port Price $104.14 per dry tonne), unchanged.MB 63% Fe Australian Lump Premium: $0.3350 per dry metric tonne unit (dmtu), up $0.0050 per dry metric tonne unit.Key driversChina's benchmark iron ore futures contract moved slightly up on Monday night, but largely trended down on Tuesday.After a series of spikes in iron ore futures prices over the past two...