Prices for seaborne iron ore concentrate and pellets fell in the week ended Friday July 24 due to poor demand in the market.
Fastmarkets iron ore indices
66% Fe concentrate, cfr Qingdao: $116.42 per tonne, down $2.82 per tonne
65% Fe blast furnace pellet, cfr Qingdao: $125.67 per tonne, down $2.61 per tonne
Key drivers
"Port inventories for both concentrate and pellets are at record highs in China, which is a clear signal that demand is weak for these high-grade products," an analyst in China said.
A buyer source in southern China noted that mid-grade iron ore lump, which is priced lower in comparison with the two products, was also experiencing a price decline amid...