IRON ORE DAILY: Prices dip on China steel export rebate rate cut

Seaborne iron ore prices decreased on Thursday April 29 due to the depressed market sentiment following China's steel export rebate rates cut and less trading activity before the Labor Day holiday in China from May 1-5, sources said.

Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $191.60 per tonne, down $0.92 per tonne
62% Fe low-alumina fines, cfr Qingdao: $193.43 per tonne, down $0.80 per tonne
58% Fe fines high-grade premium, cfr Qingdao: $165.84 per tonne, down $4.02 per tonne
65% Fe Brazil-origin fines, cfr Qingdao: $225.30 per tonne, down $1.30 per tonne
62% Fe fines, fot Qingdao: 1,321 yuan per wet metric tonne (implied 62% Fe China Port Price: $190.53 per dry tonne), up by 6 yuan per wmt
Key drivers

The most-traded September iron ore futures contract on the Dalian Commodity Exchange (DCE) increased steadily in the morning but decreased over the afternoon before ending the day down by 1.1% from Wednesday's close of...

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