Seaborne iron ore prices were down on Wednesday July 3, even as futures on the Dalian Commodity Exchange closed higher after hitting a five-year peak a day earlier.
MB 62% Fe Iron Ore Index: $124.75 per tonne cfr China, down $1.02 per tonneMB 62% Fe Iron Ore Index-Low Alumina: $125.83 per tonne cfr China, down $0.41 per tonneMB 58% Fe Premium Index: $114.86 per tonne cfr China, down $0.18 per tonneMB 65% Fe Iron Ore Index: $132.6 per tonne cfr China, down $0.5 per tonneMB 62% Fe China Port Price Index: 908 yuan per wet metric tonne (implied 62% Fe China Port Price $122.37 per dry tonne), up 1 yuan per wet metric tonne.Key DriversBrazil's iron ore exports volume were down 16.7% year on year to 29.4 million tonnes last month, although on a month-on-month basis the drop amounted to only 0.4 million tonnes, data from the country's ministry of economy published this week showed.Tight seaborne supply, amid disruptions in Brazil and Australia, has been the principal driver of seaborne iron ore prices this year. Meanwhile, lump premiums moved up...