Friday, May 27,
Spot Iron ore prices in China continue to show a downward trend on Friday.* Market participants are still cautious and no immediate support from buyers is seen at present.
Quotes for Fe 63.5/63 of Indian cargo were reported at around $179/MT i.e. down by $4/MT from the prices quoted on Monday.
Inventories of imported iron ore at major Chinese ports have also jumped by 10.7% to reach a record 92.45 million tonnes this week. However, buyers show reluctance in procuring at larger quantities.
According to a shipping broker in east China’s Shandong province, “Many steel mills are reluctant to take their imported tonnages and are leaving their stockpiles at ports for a few days longer as they try to shun imported ore and use domestic ores to lower their costs”
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