Physical iron ore prices were down on Tuesday September 3 amid a cooling off in buying interest while the futures market stayed largely rangebound.
Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $89.14 per tonne, down by $1.44 per tonne.62% Fe Pilbara Blend Fines, cfr Qingdao: $89.53 per tonne, down by $1.44 per tonne.62% Fe low-alumina fines, cfr Qingdao: $86.80 per tonne, down by $0.52 per tonne.58% Fe fines high-premium, cfr Qingdao: $76.28 per tonne, down by $1.25 per tonne.65% Fe Brazil-origin fines, cfr Qingdao: $96.20 per tonne, down by $0.90 per tonne.62% Fe fines, fot Qingdao: 738 yuan per wet metric tonne (implied 62% Fe China Port Price, $94.75 per dry tonne), up by 11 yuan per wmt.Key driversFutures analysts told Fastmarkets that "most market participants probably sold off their positions the previous day when the market was hot."In addition, a broker said that most of his clients were also "starting to take notice of the depreciating Chinese yuan against the United States dollar," prompting some market participants to take to the sidelines to observe the market.The Chinese yuan has fallen to its lowest level in...