Seaborne iron ore prices fell on Tuesday November 9 amid weak demand for steel in northern China (due to the colder weather) and rising inventories at Chinese ports, sources told Fastmarkets.
Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $92.30 per tonne, down $1.52 per tonne
62% Fe low-alumina fines, cfr Qingdao: $93.46 per tonne, down $1.09 per tonne
58% Fe fines high-grade premium, cfr Qingdao: $65.20 per tonne, down $0.48 per tonne
65% Fe Brazil-origin fines, cfr Qingdao: $109.40 per tonne, down $1.40 per tonne
63% Fe Australia-origin lump ore premium, cfr Qingdao: $0.1950 per dry metric tonne unit (dmtu), down $0.0050 per dmtu
62% Fe fines, fot Qingdao: 673 yuan per wet metric tonne (
implied 62% Fe China Port Price: $96.32 per dry tonne), down by 11 yuan per wmt
Key drivers
The most-traded January iron ore futures contract on the Dalian Commodity Exchange (DCE) traded largely sideways on Tuesday but edged lower before the close of the afternoon trading session, ending down 1.7% from Monday's closing...