Physical iron ore prices dropped on Tuesday May 14 amid losses in the steel and futures markets, as well as the continued appreciation of the United States dollar against the Chinese yuan.
MB 62% Fe Iron Ore Index: $94.34 per tonne cfr Qingdao, down by $1.76 per tonne.MB 62% Fe Pilbara Blend Fines Index: $93.02 per tonne cfr Qingdao, down by $1.76 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $97.56 per tonne cfr Qingdao, down by $2.36 per tonne.MB 58% Fe Premium Index: $86.00 per tonne cfr Qingdao, down by $0.61 per tonne.MB 65% Fe Iron Ore Index: $109.40 per tonne cfr Qingdao, down by $2.00 per tonne.MB 62% Fe China Port Price Index: 682 yuan per wet metric tonne (implied 62% Fe China Port Price $91.12 per dry tonne), down by 4 yuan per wmt.Key driversChina's ferrous futures retreated across the board on Tuesday, despite a brief rise for the benchmark iron ore contract around 10am. The contract ended the trading day at 3pm, at a value 1.5% lower than Monday's settlement.The country's domestic rebar and hot-rolled coil prices also...