Seaborne iron ore prices weakened on Wednesday June 17 amid concerns over the demand outlook for steel products.
Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $104.09 per tonne, down $0.76 per tonne.
62% Fe low-alumina fines, cfr Qingdao: $106.43 per tonne, down $1.37 per tonne.
58% Fe fines high-grade premium, cfr Qingdao: $92.78 per tonne, down $1.23 per tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $115.70 per tonne, down $1.70 per tonne.
62% Fe fines, fot Qingdao: 802 yuan per wet metric tonne (
implied 62% Fe China Port Price: $104.54 per dry tonne), down 9 yuan per wmt.
Key drivers
Flash floods, caused by heavy rainfall in southern China, have dampened demand for steel products, such as rebar, due to the resulting slowdown in the construction sector and the knock-on impact on demand for iron ore.
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