Spot iron ore prices continued to remain under pressure
after steel prices in China fell for the 4th consecutive day. The
most-active May re-bar contract on the Shanghai Futures Exchange also corrected
by 0.1 percent to reach 4,256 yuan ($680) a tonne.
Quotes for Indian fines Fe 63.5/63 stays at $147-148/MT with
buying interest being low. Whereas, Australian Newman fines (Fe 63%) and
PB fines (61.5%) traded lower by $1-2/MT.
Traders in China anticipate prices to ease further in the coming
weeks. “Spot prices might fall further on low demand and falling steel
prices in China”, said a trader based in Shanghai.
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