IRON ORE DAILY: Prices down despite strong PMI in March

Iron ore prices continued their downtrend on Wednesday March 31, with trading sentiment still depressed amid low liquidity at ports, sources said.

Market chatter about potential plans to cut steel industry emissions and downgrade more mills in Tangshan also drew market attention, sources told Fastmarkets.
Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $165.15 per tonne, down $1.43 per tonne
62% Fe low-alumina fines, cfr Qingdao: $166.58 per tonne, down $0.64 per tonne
58% Fe fines high-grade premium, cfr Qingdao: $146.99 per tonne, down $0.51 per tonne
65% Fe Brazil-origin fines, cfr Qingdao: $194.10 per tonne, down $0.90 per tonne
62% Fe fines, fot Qingdao: 1,126 yuan per wet metric tonne (implied 62% Fe China Port Price: $159.77 per dry tonne), down by 8 yuan per wmt
Key drivers

The most-traded iron ore futures contract on the Dalian Commodity Exchange (DCE) switched from May to September, which fell sharply in the afternoon before ending the day down by 3.7% from Tuesday's...

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