Seaborne iron ore prices fell sharply on Friday October 23 amid high inventories at Chinese ports that signaled weak demand, according to sources.
Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $115.60 per tonne, down $4.31 per tonne
62% Fe low-alumina fines, cfr Qingdao: $115.70 per tonne, down $4.29 per tonne
58% Fe fines high-grade premium, cfr Qingdao: $109.09 per tonne, down $2.69 per tonne
65% Fe Brazil-origin fines, cfr Qingdao: $130.10 per tonne, down $3.20 per tonne
62% Fe fines, fot Qingdao: 883 yuan per wet metric tonne (implied
62% Fe China Port Price: $122.55 per dry tonne), down by 9 yuan per wmt
Key drivers
Market participants said the recent release of port inventories by local media, which reflected higher week-on-week inventories may have dampened sentiment and dragged down seaborne iron ore prices.
Shipments of ex-Brazil and ex-Australia cargoes were slated to...