Seaborne iron ore prices dropped on Tuesday March 3, with participants attributing the dip to a re-calibration of the bullish sentiment following the surge the day before.
Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $88.55 per tonne, down $0.38 per tonne.
62% Fe low-alumina fines, cfr Qingdao: $89.71 per tonne, down $0.51 per tonne.
58% Fe fines high-premium, cfr Qingdao: $77.38 per tonne, down $0.13 tonne.
65% Fe Brazil-origin fines, cfr Qingdao: $103.10 per tonne, down $1.10 per tonne.
62% Fe fines, fot Qingdao: 664 yuan per wet metric tonne (implied
62% Fe China Port Price: $86.85 per dry tonne), up 5 yuan per wet metric tonne.
Key Drivers
Futures prices on the Dalian Commodity Exchange and Singapore Exchange retreated during the day, though physical trading activity...