Seaborne iron ore prices fell $6.30/dry mt Tuesday as plummeting steel derivatives and a weaker steel market performance hit demand for steel feedstock, resulting in much softer trade on the day.
The 62% Fe Iron Ore Index was assessed $6.30/dry mt lower at $73.05/dmt CFR North China Tuesday, the largest day-on-day drop since March 10, 2014, when the spot assessment fell $7/dmt to $105/dmt CFR North China.
The front-month December IODEX swap was down $6.10/dmt to $70.10/dmt Tuesday.
A sharp fall in steel and iron derivatives further depressed the already weak sentiment for steel feedstock, sources said.
