Falling re-bar futures and billet prices in Chinese market has slowed down iron ore momentum in spot market.Billet prices in Hebei province of China correct over 50-70 Yuan, where as most traded Shanghai re-bar futures correct over 2 percent on Thursday.
BHP Bilton sold yandi fines of Fe 57+ at around $102-103/t CFR (Down by $3 from previous trade). Industry sources do not see prices falling sharply as most mills are running out of stock.
“We do not see a sharp fall in spot iron ore prices as most of the medium and small mills are running out of inventories. Also they want to stock before national holiday, which will start next week of first month.Though steel prices will remain under pressure in near term,” said a steel trader based in Rizhao port.
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