Spot iron ore prices fell by
$2-3/MT by the end of the week as steel mills hesitated to procure huge quantities of iron ore and the Shanghai
rebar futures fell to hit its lowest level in a month.
Highlights of the week:
* Quotes for Fe 63.5/63 of Indian
fines reached $185-186/MT by the end of week i.e. down by $2-3/MT from the
previous week. Australian 62% Newman fines also slipped down to reach $181-$183/MT
(CNF)
* The stock at Chinese ports fell
marginally by 0.18 million tonnes to 95.51 million tonnes from 95.69 million
tonnes WoW as buyers chose to sit on the side lines.
* The Shanghai rebar futures fell
to hit the lowest level in a month. The Benchmark rebar contract fell to reach
4,727 yuan ($740) per tonne, its lowest since August 9.
Comment by:
Indian Exporters: “We reduced our offers for iron ore fines
as buying interest from steel mills in China remained weak. However, prices are
unlikely to correct sharply as supply still remains tight”
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