Physical iron ore prices were little changed on Monday July 30 with many market participants adopting a wait-and-see stance following the release of a local government document on steelmaking restrictions in China.
Metal Bulletin 62% Fe Iron Ore Index: $67.65 per tonne cfr Qingdao, up by $0.16 per tonneMetal Bulletin 62% Fe Pilbara Blend Fines Index: $66.58 per tonne cfr Qingdao, up by $0.18 per tonneMetal Bulletin 58% Fe Premium Index: $55.15 per tonne cfr Qingdao, down by $0.13 per tonneMetal Bulletin 65% Fe Iron Ore Index: $94.10 per tonne cfr Qingdao, unchangedMetal Bulletin 62% Fe China Port Price Index: 493 yuan per wet metric tonne (implied 62% Fe China Port Price $63.48 per dry tonne), up by 2 yuan per wmt.Key driversA document on emission cuts released by local authorities in Changzhou in east China's Jiangsu province was circulated among market participants during the day.The document listed a number of local steelmakers that must restrict their production rates by as much as 50%...