Seaborne iron ore prices weakened on Thursday October 31 amid losses in the derivatives markets.
Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $85.97 per tonne, down $1.16 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $85.79 per tonne, down $1.16 per tonne.62% Fe low-alumina fines, cfr Qingdao: $84.63 per tonne, down $0.97 per tonne.58% Fe fines high-premium, cfr Qingdao: $73.60 per tonne, down $2.32 per tonne.65% Fe Brazil-origin fines, cfr Qingdao: $94.50 per tonne, down $0.30 per tonne. 62% Fe fines, fot Qingdao: 668 yuan per wet metric tonne (implied 62% Fe China Port Price, $86.69 per dry tonne), down 2 yuan per wet metric tonne.Key driversChina's steel and iron ore futures were rangebound on Thursday morning but they retreated in the afternoon.The November and December 62% Fe derivative contracts on the Singapore Exchange fell as well, shedding around $1 per tonne from 2.30pm to 6.15pm.Limited...