Physical iron ore prices dropped on Wednesday October 9 amid soft steel markets and demand concerns over the potential for more steelmaking restrictions in China.
Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $91.06 per tonne, down $3.71 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $90.34 per tonne, down $3.71 per tonne.62% Fe low-alumina fines, cfr Qingdao: $89.75 per tonne, down $3.75 per tonne.58% Fe fines high-premium, cfr Qingdao: $80.16 per tonne, down $2.93 per tonne.65% Fe Brazil-origin fines, cfr Qingdao: $96.70 per tonne, down $4 per tonne.62% Fe fines, fot Qingdao: 754 yuan per wet metric tonne (implied 62% Fe China Port Price, $97.13 per dry tonne), down 5 yuan per wmt.Key driversChina's iron ore futures have largely stayed rangebound since Tuesday night, but dived in the last 30 minutes before Wednesday's 3pm close. The benchmark January contract ended 2.9% lower than the previous days'...