A 6 dollar blow over previous day’s close to global iron ore prices brought it down to lowest in 90 days.
The futures were abandoned by the speculators in the wake of the Australian Government’s announcement that iron ore prices could settle for USD 65/MT by the year end.
Global iron ore fines (Fe 62%) prices went down at USD 75/MT, CFR China on 7th March, 2017.
The sentiments have proven the predictions right that were made by some analysts earlier that the iron ore rally may slow down soon. As futures affected, the steel prices gave away in Chinese market.
Withdrawn demand against loaded ports with the buyers’ preference for the local concentrate over higher grade material resulted in pessimistic day for the steel making raw material prices.
Billet
Billet was traded at 2,950 Yuan (USD 428/MT) with VAT. The price tumbled 110 Yuan (USD 16/MT) on Thursday and fell another 80 Yuan (USD 11.60/MT) Today.
Dalian Commodity Exchange
Iron ore futures contract closed at 525.50 Yuan (USD 76/MT) today, down 34.50 Yuan (USD 5/MT) from yesterday’s close.
Shanghai Futures Exchange
Rebar futures contract closed at 3,038 Yuan (USD 440/MT) on today, down 124 Yuan (USD 18/MT) from yesterday’s price.
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