Seaborne iron ore prices dropped below $85 per tonne cfr again on Monday August 26 after trade tensions between China and the United States escalated over the weekend.
Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $84.91 per tonne, down $2.90 per tonne.62% Fe Pilbara Blend Fines, cfr Qingdao: $85.29 per tonne, down $2.90 per tonne.62% Fe low-alumina fines, cfr Qingdao: $84.32 per tonne, down $2.25 per tonne. 58% Fe fines premium index, cfr Qingdao: $73.49 per tonne, down $2.07 per tonne. 65% Fe Brazil-origin fines, cfr Qingdao: $93.90 per tonne, down $1.60 per tonne.62% Fe fines, fot Qingdao: 708 yuan per wet metric tonne (implied 62% Fe China Port Price $91.66 per dry tonne), down 2 yuan per wmt. 63% Fe Australia-origin lump ore premium, cfr Qingdao: $0.1250 per dry metric tonne unit, down $0.0300 per dry metric tonne unit.Key driversUS President Donald Trump said late on Friday August 23 that he would increase tariffs on Chinese goods after China announced its fresh duty imposition on US products.The benchmark contracts of China's ferrous futures tumbled Monday, while...