Seaborne iron ore prices dropped significantly on Thursday January 23 in the lull ahead of the week-long Chinese New Year holiday, amid rising concerns over the potential impact of the coronavirus outbreak in Wuhan.
Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $93.44 per tonne, down $3.24 per tonne.
62% Fe Pilbara Blend fines, cfr Qingdao: $92.48 per tonne, down $3.24 per tonne.
62% Fe low-alumina fines, cfr Qingdao: $94.46 per tonne, down $3.40 per tonne.
58% Fe fines high-premium, cfr Qingdao: $79.26 per tonne, down $2.50 per tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $107.60 down $4.20 per tonne.
62% Fe fines, fot Qingdao: 702 yuan per wet metric tonne (
implied 62% Fe China Port Price: $93.36 per dry tonne), unchanged.
Key drivers
Many market participants have already left for the Chinese New Year holiday, which officially starts on Friday and lasts until January 30.
Market participants who were still working on Thursday said that the spread of the coronavirus in...