Iron ore prices corrected down on Tuesday March 19, with futures and spot market activity at Chinese ports both declining after Monday's gains.
Tuesday also saw Fastmarkets' MB 62% Fe Iron Ore Index used for the first time as part of a basket of measures to price Pilbara Blend fines.MB 62% Fe Iron Ore Index: $87.23 per tonne cfr Qingdao, down $1.03 per tonne. MB 62% Fe Pilbara Blend Fines Index: $86.35 per tonne cfr Qingdao, down $1.03 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $89.20 per tonne cfr Qingdao, down $1 per tonne. MB 58% Fe Premium Index: $79.09 per tonne cfr Qingdao, up $0.10 per tonne. MB 65% Fe Iron Ore Index: $97.90 per tonne cfr Qingdao, down $0.10 per tonne. MB 62% Fe China Port Price Index: 645 yuan per wet metric tonne (implied 62% Fe China Port Price $85.51 per dry tonne), down 2 yuan per wmt.Key driversBrazilian miner Vale said late on Monday that local authorities had allowed it to restart activities at its Gua?-ba Island Terminal, after being suspended a...