Iron ore prices fell on Tuesday July 27 because of weaker sentiment and rising port inventory, sources said.
Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $202.57 per tonne, down by $0.17 per tonne
62% Fe low-alumina fines, cfr Qingdao: $202.97 per tonne, down by $0.96 per tonne
58% Fe fines high-grade premium, cfr Qingdao: $166.29 per tonne, down by $1.36 per tonne
65% Fe Brazil-origin fines, cfr Qingdao: $235.10 per tonne, down by $1.90 per tonne
62% Fe fines, fot Qingdao: 1,401 yuan per wet metric tonne (
implied 62% Fe China Port Price: $202.37 per dry tonne), down by 10 yuan per wmt
63% Fe Australia-origin lump ore premium, cfr Qingdao: $0.4550 per dry metric tonne unit (dmtu), up by $0.0050 per dmtu.
Key drivers
The current curbs on Chinese steel production have kept sentiment in the iron ore market weak, softening appetite among steel mills for material at Chinese ports, sources told Fastmarkets.