Spot iron ore prices are likely to continue falling after China returns from the Mid-Autumn Festival next week, due to weak demand, said several market participants. “Prices will likely further slip by $3-5 per tonne, depending on the steel market.
Shanghai steel futures remain closed till 25 sep on account of mid-autum holiday.
The surplus and weak demand do not support price jumps for steel products,” said a steel mill in Tianjin. Spot prices for 63.5% Fe Indian fines traded at $145-146/MT, though volumes were low.
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