Iron ore prices decreased on Friday August 7, with China's strong iron ore imports data for July potentially easing the uptrend and bullish sentiment, resulting in a correction in prices, sources said.
Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $119.21 per tonne, down $2.06 per tonne
62% Fe low-alumina fines, cfr Qingdao: $119.16 per tonne, down $2.02 per tonne
58% Fe fines high-grade premium, cfr Qingdao: $103.90 per tonne, down $1.78 per tonne
65% Fe Brazil-origin fines, cfr Qingdao: $126.90 per tonne, down $1.50 per tonne
62% Fe fines, fot Qingdao: 908 yuan per wet metric tonne (
implied 62% Fe China Port Price: $121.11 per dry tonne), down by 5 yuan per wmt
Key drivers
The iron ore futures market closed at a loss compared to yesterday on the Dalian Commodity Exchange, where the most-traded September futures contract lost as much as 2.2% in the morning trading session before rebounding and ending the day with a decrease of 1.5%.
Meanwhile, iron ore swaps on the Singapore Exchange dropped by...