Seaborne iron ore prices were largely rangebound on Thursday July 23 with political tensions rising between the United States and China, according to trade sources.
Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $110.12 per tonne, down by $0.83 per tonne.
62% Fe low-alumina fines, cfr Qingdao: $112.80 per tonne, down by $0.04 per tonne.
58% Fe fines high-grade premium, cfr Qingdao: $99.57 per tonne, up by $0.06 per tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $121.40 per tonne, unchanged.
62% Fe fines, fot Qingdao: 865 yuan per wet metric tonne (
implied 62% Fe China Port Price: $114.49 per dry tonne), down by 8 yuan per wmt.
Key drivers
Market participants were concerned about possible fresh trade restrictions amid the recent rise in tensions between the US and China after the Western country ordered the closure of the Chinese consulate in Houston, in the southern US state of Texas.
"For now, the effect is limited, but we are not sure how China's government will react yet....