Seaborne mid-grade iron ore prices, as represented by Fastmarkets' index for iron ore 62% fines, cfr Qingdao, fell below the $90 per tonne mark on Wednesday October 16 for the first time since September 3, due to a rapid downturn in the futures markets.
Fastmarkets' iron ore indices62% Fe fines, cfr Qingdao: $87.86 per tonne, down $5.14 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $86.90 per tonne, down $5.14 per tonne.62% Fe low-alumina fines, cfr Qingdao: $86.38 per tonne, down $5.22 per tonne.58% Fe fines high-premium, cfr Qingdao: $76.73 per tonne, down $4.25 per tonne.65% Fe Brazil-origin fines, cfr Qingdao: $93.90 per tonne, down $5 per tonne. 62% Fe fines, fot Qingdao: 715 yuan per wet metric tonne (implied 62% Fe China Port Price, $92.76 per dry tonne), down 17 yuan per wmt.Key driversChina's steel and iron ore futures suffered huge losses on Wednesday, with the benchmark iron ore contract ended more than 4% lower compared to a day earlier.In addition, iron ore derivatives on the Singapore Exchange also fell, with the November 62% Fe contract falling to around $83.40 per tonne as of 6pm, compared with the previous day's settlement level of $87.86 per tonne.Some market participants attributed the...