Friday, June 03,
Spot iron ore prices remain unchanged on Friday and buyers have held their purchases in anticipation of further price falls.
Indian ore with 63.5/63 percent iron content remains at $175-$176/MT. Whereas, Australia’s 62-percent Newman iron ore fines were quoted at $174-$176/MT.
According to Iron ore traders in china, “We don’t see much buying interest from the steel mills. Many are still on a wait and see stance on where prices will settle for imported ore so the small and midsized mills tend to use more domestic ore”
In the swaps market prices for nearby contracts fell for a second day on Thursday after recent steep gains.
The June contract fell by $1.75 to reach $168/MT. The volume of iron ore swaps cleared on the Singapore Exchange reached a record 6,905 contracts, equivalent to 3.45 million tonnes, 56 percent more than the previous record set in April 2010.
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