Prices for seaborne iron ore concentrate and pellets decreased along with the futures contract for the steelmaking raw material in the week ended Friday October 22.
Meanwhile, China has started to buy buying Ukrainian and Sierra Leonean concentrate despite a hazy near-term outlook for spot demand, sources said.
Fastmarkets iron ore indices
66% Fe concentrate, cfr Qingdao: $147.58 per tonne, down $1.73 per tonne.
65% Fe blast furnace pellet, cfr Qingdao: $191.41 per tonne, down $3.57 per tonne.
Iron ore pellet premium over 65% Fe fines, cfr China: $46.70 per tonne, up $0.70 per tonne.
Key drivers
A buyer source in southern China said that sentiment in the steel and steelmaking raw materials markets was relatively bearish last week.
Demand for steel weakened, which in turn depressed mills' appetite for iron ore, resulting in iron ore futures falling. Amid these trends, prices for high-grade iron ore such as concentrate and pellets also trended downward, he said.
A big drop in the price of coke last week could also encourage steelmakers...