Amid dull trade activities, rising iron ore stock at Chinese major ports and slump in steel prices, spot iron ore prices in China witnessed a significant decline in May’17.
Monthly average spot iron ore prices in China fell by USD 10/MT M-o-M from USD 70/MT, CFR China in Apr’17 to USD 60.9/MT, CFR China. In Apr’17, prices registered a fall of USD 17/MT on monthly premises compared to Mar’17.
Iron ore stock at Chinese major ports stood at 136.6 MnT as on 26 May’17 which was at 129.6 MnT on 21 Apr’17.
Yesterday (i.e 31 May’17) on last day of month prices fell by USD 1.7/MT D-o-D. Fe 62% fines prices closed at USD 56.2/MT, CFR China. Trade activities remained weak after markets opened after Dragon Boat festival holidays.
Iron ore futures in China also registered decline yesterday. Spot prices in steel market fell along with slump in futures.
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