Seaborne iron ore prices dropped across the board on Thursday July 8, due to a weakening demand outlook caused by the growing potential for steel production cuts in the second half of the year, sources said.
Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $218.04 per tonne, down $4.35 per tonne
62% Fe low-alumina fines, cfr Qingdao: $222.00 per tonne, down $3.70 per tonne
58% Fe fines high-grade premium, cfr Qingdao: $182.94 per tonne, down $2.75 per tonne
65% Fe Brazil-origin fines, cfr Qingdao: $251.40 per tonne, down $3.30 per tonne
62% Fe fines, fot Qingdao: 1,511 yuan per wet metric tonne (
implied 62% Fe China Port Price: $218.94 per dry tonne), down by 20 yuan per wmt
63% Fe Australia-origin lump ore premium, cfr Qingdao: $0.6050 per dry metric tonne unit (dmtu), down $0.0750 per dmtu.
Key drivers
The most-traded September iron ore futures contract on the Dalian Commodity Exchange (DCE) was on a downtrend, falling by 4.5% from Wednesday's closing price of 1,244 yuan...