Physical iron ore prices fell on Thursday January 9 following derivatives losses amid paused restocking from Chinese mills and a big increase in steel inventories.
62% Fe fines, cfr Qingdao: $94.37 per tonne, down $1.85 per tonne.
62% Fe Pilbara Blend fines, cfr Qingdao: $93.46 per tonne, down $1.85 per tonne.
62% Fe low-alumina fines, cfr Qingdao: $95.22 per tonne, down $1.65 per tonne.
58% Fe fines high-premium, cfr Qingdao: $80.48 per tonne, down $1.31 per tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $107.10 per tonne, down $0.90 per tonne.
62% Fe fines, fot Qingdao: 687 yuan per wet metric tonne (
implied 62% Fe China Port Price: $90.74 per dry tonne), down 12 yuan per wet metric tonne.
Key drivers
A Chinese data provider published a set of industry data around midday that showed a significant pile-up in finished steel product inventory, especially rebar, in the market and at domestic mills over the past week, despite output reductions.
Another set of data published earlier...