Seaborne iron ore prices fell below $79 per tonne cfr China on Monday November 11 amid worsening market sentiment.
Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $78.98 per tonne, down $1.13 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $79.01 per tonne, down $1.13 per tonne.62% Fe low-alumina fines, cfr Qingdao: $78.30 per tonne, down $1.20 per tonne.58% Fe fines high-premium, cfr Qingdao: $68.50 per tonne, down $0.91 per tonne.65% Fe Brazil-origin fines, cfr Qingdao: $89.80 per tonne, down $0.90 per tonne. 62% Fe fines, fot Qingdao: 627 yuan per wet metric tonne (implied 62% Fe China Port Price, $81.84 per dry tonne), down 16 yuan per wet metric tonne.Key driversChina's steel and iron ore futures retreated and then rebounded moderately on the evening of Friday November 8. They largely stayed rangebound on Monday with the benchmark iron ore contract ending 2.4% lower than Friday's settlement level.The December 62% Fe iron...