News of Australian miner Rio Tinto's production cuts amid continued bearish sentiment among Chinese buyers on downstream demand prevented any significant movement in seaborne iron ore prices on Tuesday February 18.
Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $90.18 per tonne, down $0.30 per tonne.
62% Fe Pilbara Blend fines, cfr Qingdao: $89.51 per tonne, down $0.30 per tonne.
62% Fe low-alumina fines, cfr Qingdao: $91.20 per tonne, down $0.64 per tonne.
58% Fe fines high-premium, cfr Qingdao: $77.31 per tonne, down $0.51 per tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $104.20, down $1.10 per tonne.
62% Fe fines, fot Qingdao: 653 yuan per wet metric tonne (implied
62% Fe China Port Price: $85.55 per dry tonne), up 9 yuan per wet metric tonne.
Key drivers
Trading activity in the seaborne iron ore market remained muted, following a relatively active previous day.
Late on Monday February 17, Australian miner Rio Tinto announced a cut to its 2020 production guidance by over 2% following damage to infrastructure at its...