Wednesday, Aug 10,
Spot prices of iron ore in China fell by $1-2/MT yesterday evening after steelmakers in China slowed down their purchases.
Fe 63.5/63 of Indian cargo is being offered at $184/MT. While offers for Fe 62 Newman fines from Australia posted a similar fall to reach $180-182/MT.
According to traders, “Transactions have been weaker since early August after iron ore prices rose quickly. And the element of uncertainty about a global slowdown has held iron ore traders from making any purchases as they are not sure in what way the crisis may impact their business. So everyone prefers to wait for some more clarity.”
Leave a Reply