Iron ore prices largely edged up on Tuesday July 6 following the steel price increase, while market chatter on the crude steel production cut and authorities' focus on curbing the commodity price surge weighed on the market, sources told Fastmarkets.
Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $222.36 per tonne, up $0.54 per tonne
62% Fe low-alumina fines, cfr Qingdao: $226.02 per tonne, up $2.88 per tonne
58% Fe fines high-grade premium, cfr Qingdao: $185.76 per tonne, up $1.48 per tonne
65% Fe Brazil-origin fines, cfr Qingdao: $254.90 per tonne, down $0.60 per tonne
62% Fe fines, fot Qingdao: 1,522 yuan per wet metric tonne (implied
62% Fe China Port Price: $220.87 per dry tonne), up by 6 yuan per wmt
Key drivers
The most-traded September iron ore futures contract on the Dalian Commodity Exchange (DCE) dropped in the morning but gained in the afternoon before closing up by 0.5% from Monday's close of 1,225 yuan ($189) per tonne.
The most-traded August iron ore forward-month swap contract on the Singapore Exchange (SGX) was largely rangebound....