Seaborne iron ore prices buckled on Tuesday October 13, amid soaring port inventories in China and weakened demand for finished steel, according to trade sources.
Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $121.15 per tonne, down $3.08 per tonne
62% Fe low-alumina fines, cfr Qingdao: $121.30 per tonne, down $3.14 per tonne
58% Fe fines high-grade premium, cfr Qingdao: $112.34 per tonne, down $2.73 per tonne
65% Fe Brazil-origin fines, cfr Qingdao: $133.80 per tonne, down $3.00 per tonne
63% Fe Australia-origin lump ore premium, cfr Qingdao: $0.0750 per dry metric tonne unit (dmtu), down $0.0050 per dmtu.
62% Fe fines, fot Qingdao: 923 yuan per wet metric tonne (
Implied 62% Fe China Port Price: $127.38 per dry tonne), down by 8 yuan per wmt
Key drivers
Chinese port inventories surged for the seventh consecutive week on Tuesday, largely due to increase in arrivals from both Australia and Brazil, sources said.
Total port inventories were heard to...