The uptrend in the iron ore market since 2019 started halted in August, with a month-on-month price decline of 24% for 62% Fe material and a 23% price decline for 65% Fe material.
The 65% Fe derivatives contract on the Singapore Exchange - which was launched in December 2018 and settled against Fastmarkets' daily 65% Fe iron ore index - stayed above 2-million-tonne trading volumes in August, compared with 2,104,800 tonnes in July.The price spread between 65% Fe iron ore and the 62% Fe equivalent had been range bound above $8 per tonne last month. Price movesSome participants attributed the decrease in the iron ore market to the increased supply from major producers and non-mainstream sources and lower margins for steel mills. "The general margin...