Iron ore prices retreated further on Tuesday June 25 due to the expectation of falling demand amid restrictions on steelmakers in China's steel production hub of Tangshan.
MB 62% Fe Iron Ore Index: $114.46 per tonne cfr Qingdao, down $2.31 per tonne. MB 62% Fe Pilbara Blend Fines Index: $113.26 per tonne cfr Qingdao, down $2.31 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $115.71 per tonne cfr Qingdao, down $2.07 per tonne. MB 58% Fe Premium Index: $104.60 per tonne cfr Qingdao, down $2.82 per tonne. MB 65% Fe Iron Ore Index: $124.90 per tonne cfr Qingdao, down $2.10 per tonne.MB 62% Fe China Port Price Index: 846 yuan per wet metric tonne (implied 62% Fe China Port Price $113.72 per dry tonne), down 7 yuan per wmt.Key driversAt least some of the steelmakers in north China's Tangshan city have received the local government document, released last weekend, and plan to comply with its production cut requirements, sources told Fastmarkets."Our mill is in the process of relocating to an area closer to the sea in Tangshan and the new...