Prices for seaborne iron ore concentrate and pellets fell last week amid buyer resistance toward costly high-grade products.
Fastmarkets' index for
iron ore 66% Fe concentrate, cfr Qingdao stood at $107.88 per tonne on Friday, down by $1.95 per tonne from $109.83 per tonne a week earlier.
Fastmarkets' index for
iron ore 65% Fe Brazil-origin fines, cfr Qingdao averaged $112.60 per tonne last week, down by $2.56 per tonne (2.2%) from $115.16 per tonne the previous weekly average.
A buyer source in southern China believes that mills' low margins have sapped demand for high-grade iron ore concentrate.
The source said iron ore concentrate suppliers have had to offer deep discounts and even more flexibility in the quotation period or ports of discharge to attract buyers.
This likely generated some buying interest for a July-arrival cargoes of 65%...