Physical iron ore prices were largely rangebound on Wednesday January 2 amid mixed signals after the New Year long weekend in China.
MB 62% Fe Iron Ore Index: $72.07 per tonne cfr Qingdao, down $0.66 per tonne. MB 62% Fe Pilbara Blend Fines Index: $71.90 per tonne cfr Qingdao, down $0.66 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $74 per tonne cfr Qingdao, down $0.12 per tonne. MB 58% Fe Premium Index: $63.90 per tonne cfr Qingdao, down $0.25 per tonne. MB 65% Fe Iron Ore Index: $86.60 per tonne cfr Qingdao, down $0.70 per tonne. MB 62% Fe China Port Price Index: 557 yuan per wet metric tonne (implied 62% Fe China Port Price $71.88 per dry tonne), up 2 yuan per wmt.Key driversChina's ferrous futures generally trended down throughout the first trading day of 2019. The country's spot rebar and hot-rolled coil prices also fell 20-80 yuan ($2.90-11.60) per tonne compared with last Friday's prices.Mainstream Australian iron ore fines, however, traded at stable or slightly higher prices at...