IRON ORE DAILY: Prices drop while market mulls bearish downstream demand outlook, Brazil supply fears

The seaborne iron ore market was muted on Wednesday January 29, although market participants lowered their estimates for physical transaction prices in response to the sharp downward movement in the Singapore Exchange's derivatives for the steelmaking raw material a day earlier.

Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $86.84 per tonne, down $6.87 per tonne
62% Fe low-alumina fines, cfr Qingdao: $88.58 per tonne, down $6.36 per tonne
58% Fe fines high-grade premium, cfr Qingdao: $73.69 per tonne, down $5.57 per tonne
65% Fe Brazil-origin fines, cfr Qingdao: $103.30, down $4.70 per tonne
62% Fe fines, fot Qingdao: 702 yuan per wet metric tonne (Implied 62% Fe China Port Price: $92.86 per dry tonne), unchanged
Key drivers

Fastmarkets' indices were down across the board on Wednesday amid the sharp drop in iron ore derivatives on the SGX a day earlier, followed by a slight recovery, which triggered active feedback from participants...

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