Physical iron ore prices retreat slightly on Thursday August 29 while market participants await confirmation of production restrictions in China.
Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $81.47 per tonne, down $0.98 per tonne. 62% Fe Pilbara Blend Fines, cfr Qingdao: $81.85 per tonne, down $0.98 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $80.20 per tonne, down $0.96 per tonne. 58% Fe fines high-premium, cfr Qingdao: $70.29 per tonne, down $0.79 per tonne. 65% Fe Brazil-origin fines, cfr Qingdao: $89.90 per tonne, down $1.10 per tonne. 62% Fe fines. Fot Qingdao: 698 yuan per wet metric tonne (implied 62% Fe China Port Price $89.49 per dry tonne), up 4 yuan per wet metric tonne. Key drivers The iron ore market weakness was largely driven by uncertainty of production restrictions to be imposed over September-October on steelmakers in the hub of Tangshan, prompting market participants to retreat to the sidelines....