Seaborne iron ore prices fell further on Friday May 31 amid losses in the futures and steel markets.
MB 62% Fe Iron Ore Index: $101.60 per tonne cfr Qingdao, down by $2.27 per tonne.MB 62% Fe Pilbara Blend Fines Index: $100.08 per tonne cfr Qingdao, down by $2.27 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $105.53 per tonne cfr Qingdao, down by $2.13 per tonne.MB 58% Fe Premium Index: $94.55 per tonne cfr Qingdao, down by $1.28 per tonne.MB 65% Fe Iron Ore Index: $117.70 per tonne cfr Qingdao, down by $1.30 per tonne.MB 62% Fe China Port Price Index: 770 yuan per wet metric tonne (implied 62% Fe China Port Price $102.71 per dry tonne), up by 1 yuan per wmt.Key driversChina's ferrous futures dropped across the board on the last day of May, with the benchmark steel and iron ore contracts ending 0.9-1.6% lower than Thursday's settlements.The country's spot prices for rebar and hot-rolled coil also continued to sink over the day, by 10-50 yuan...