Tuesday, June 28,
Spot iron ore prices in China remain unchanged. Physical trade volumes continue to be thin on the back of weak steel demand.
Offers for Fe 63.5/63 of Indian cargo remained steady at $175-$177/MT (CNF CHINA). Quotes for Australian 62 percent Newman fines were also unchanged at $173-$175/MT.
Prices in iron ore forward swaps market also extended losses on Monday, with Singapore Exchange-cleared contracts of July 2011 falling further, reflecting weak investor sentiments.
According to traders based in China, “Weak demand for steel has held buyers. The resumption of exports from Bellery / Hospet region does not seem to have any clear timeline. Very few physical spot deals are heard being concluded. We will continue to see prices softening over the next one to two months with Indian shipments also falling in numbers during the monsoon period.”
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