Seaborne iron ore prices were down on Tuesday August 31 amid suggestions in the local media that steel production cuts would be imposed in China's Guangxi province, sources told Fastmarkets.
Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $153.67 per tonne, down by $2.99 per tonne
62% Fe low-alumina fines, cfr Qingdao: $154.44 per tonne, down by $2.75 per tonne
58% Fe fines high-grade premium, cfr Qingdao: $122.96 per tonne, down by $2.85 per tonne
65% Fe Brazil-origin fines, cfr Qingdao: $172.00 per tonne, down by $2.80 per tonne
62% Fe fines, fot Qingdao: 1,099 yuan per wet metric tonne (
implied 62% Fe China Port Price: $158.33 per dry tonne), down by 5 yuan per wmt
Key drivers
The most-traded January iron ore futures contract on the Dalian Commodity Exchange (DCE) was on a downtrend on Tuesday, ending down by 3.2% from Monday's closing price of 835 yuan ($129) per tonne.
The iron ore forward-month swap contracts on the Singapore Exchange (SGX) trended downward as well. By...