Iron ore prices dropped on Friday July 2 on depressed market sentiment and a possible crude steel output cut in several areas which could weaken demand for iron ore, sources said.
Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $217.98 per tonne, down $1.34 per tonne
62% Fe low-alumina fines, cfr Qingdao: $219.57 per tonne, down $2.18 per tonne
58% Fe fines high-grade premium, cfr Qingdao: $180.36 per tonne, down $2.15 per tonne
65% Fe Brazil-origin fines, cfr Qingdao: $251.60 per tonne, down $0.80 per tonne
62% Fe fines, fot Qingdao: 1,507 yuan ($232.95) per wet metric tonne (implied
62% Fe China Port Price: $218.48 per dry tonne), unchanged
Key drivers
The most-traded September iron ore futures contract on the Dalian Commodity Exchange (DCE) decreased in yesterday's evening session, fluctuated in the morning but gained in the afternoon before ending up 1.4% from Thursday's closing price of 1,166 yuan per tonne.
The most-traded August iron ore forward-month swap contract on the Singapore Exchange (SGX) declined....