Seaborne iron ore prices fell on Tuesday November 2 due to weak demand outlook caused by narrowing steel margins and ongoing sintering restrictions, sources told Fastmarkets.
Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $95.77 per tonne, down $7.66 per tonne
62% Fe low-alumina fines, cfr Qingdao: $96.67 per tonne, down $7.99 per tonne
58% Fe fines high-grade premium, cfr Qingdao: $67.70 per tonne, down $6.24 per tonne
65% Fe Brazil-origin fines, cfr Qingdao: $113.90 per tonne, down $8.50 per tonne
62% Fe fines, fot Qingdao: 710 yuan per wet metric tonne (implied 62% Fe China Port Price: $101.86 per dry tonne), down by 77 yuan per wmt
Key drivers
The most-traded January iron ore futures contract on the Dalian Commodity Exchange (DCE) gradually rose during Tuesday's trading session, ending down by 8.6% from Monday's closing price of 618.50 yuan ($97) per tonne.
The iron ore forward-month swap contracts on the Singapore Exchange (SGX) fell in the trading session. By 6:06pm...