IRON ORE DAILY: Prices down amid weak demand, Chinese plans to cut crude steel production

Iron ore prices fell on Tuesday January 26, due to weakening demand generally and in response to China's announcement about its plans to cut crude steel production in 2021 as part of its 14th Five-year Plan.

Fastmarkets iron ore indices 
62% Fe fines, cfr Qingdao: $165.07 per tonne, down $4.09 per tonne
62% Fe low-alumina fines, cfr Qingdao: $166.19 per tonne, down $3.94 per tonne
58% Fe fines high-grade premium, cfr Qingdao: $153.14 per tonne, down $3.43 per tonne
65% Fe Brazil-origin fines, cfr Qingdao: $189.20 per tonne, down $3.80 per tonne
62% Fe fines, fot Qingdao: 1162 yuan per wet metric tonne (implied 62% Fe China Port Price: $167.35 per dry tonne), up by 1 yuan per wmt
Key drivers

The most-trade iron ore futures May contract on Dalian Commodity Exchange (DCE) decreased sharply in the afternoon and closed at the intra-day low level, ending down by 2.0% from Monday's close price of 1,046.50 yuan ($162) per tonne.
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