Weak buying interest from steelmakers and a dip in the Shanghai rebar
futures has weighed on the iron ore prices in China.
Offers of Indian ore with 63/63.5 percent Fe grade falls
down to $185-186/MT on Friday, i.e. down by $2-3/MT from the previous quotes.
Similarly, quotes for Australian 62% Newman fines also went down by $1 to reach
$181-$183/MT (CNF)
The Shanghai rebar futures fell to hit the lowest level in
over a month on worries about the eurozone's debt crisis. The Benchmark rebar
contract fell to reach 4,727 yuan ($740) per tonne, its lowest since August 9
“The overall market remains exposed to many risks in
the near term. The ongoing credit tightening has also dealt a blow to the steel
trade, since it relies heavily on short-term financing,” said China's
Orient Futures analyst Wang Dezhi.
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