Amidst low demand and futures market slowing after a slight rebound in prices yesterday, iron ore prices moved south and settled at USD 84/MT on weekend.
The reason cited for continuous downward trend in prices is the high inventory against minimized demand in the Chinese market in expectations of further reduced prices.
Billet
Billet traded at 3,210 Yuan (USD 465/MT) including VAT, unchanged from Thursday.
Shanghai Futures Exchange
Rebar futures contract closed at 3,140 Yuan (USD 456/MT) on Friday, up 13 Yuan (USD 2/MT) from Thursday’s closing price.