Both the seaborne and futures prices for iron ore fell further on Wednesday October 14, with market sources putting the blame on weak sentiment resulting from high iron ore port inventories and low margins at steel mills in China.
Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $119.52 per tonne, down by $1.63 per tonne
62% Fe low-alumina fines, cfr Qingdao: $119.98 per tonne, down by $1.32 per tonne
58% Fe fines high-grade premium, cfr Qingdao: $110.63 per tonne, down by $1.71 per tonne
65% Fe Brazil-origin fines, cfr Qingdao: $132.70 per tonne, down by $1.10 per tonne
62% Fe fines, fot Qingdao: 915 yuan per wet metric tonne (
implied 62% Fe China Port Price: $126.14 per dry tonne), down by 8 yuan per wmt.
Key drivers
Market sources said that the high port inventories and steel mills' low margins have triggered concerns about iron ore demand, resulting in the further drop in prices.
A trading source in southern China said that port inventories had reached a seven-month high, depressing market sentiment. With more shipments expected from Brazil, iron...