Spot iron ore prices in China fell marginally and bids were
scarce, reflecting limited appetite from steel producers in China.
Shagang Group, China's largest private steel mill and a major
supplier of reinforcing steel bar, on Thursday cut rebar prices by 70 yuan
($11) per tonne for mid-July bookings, traders said. The move follows other producers
including industry pricing leader Baosteel, which earlier cut prices for July,
its first reduction this year as it responds to slack demand.
A big Indian miner was heard offering Fe 63.5/63 at $139-140/MT
as against the offers of $143 few days back.
Brazil's Vale also sold 65-percent grade Brazilian Carajas
iron ore fines at $144.10 a tonne versus a previous deal of $147.10/MT.
Australia's Rio Tinto sold 61.5-percent grade Pilbara iron
ore fines at $135.5 a tonne through the China Beijing International Mining
Exchange's platform, lower than its previous offer of $137/MT.
“With the weakness in steel & improved supply of Brazilian
and Australian cargoes in spot market, Chinese mills are in no hurry to procure
ore”, say market participants.
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