Spot iron ore prices weak on falling Chinese steel futures

Spot iron ore prices noticed some downward pressure on falling steel prices in China.   

Chinese re-bar contract (may) on the Shanghai Futures Exchange dropped 0.6 percent to close at 4,261 yuan/t, after falling as low as 4,240 yuan, its weakest since Jan. 16.

“Queries have weakened from Chinese buyers specially for higher grade , as it is available from Australia and Brazil, though lower grade is still in demand and prices unlikely to fall in proportion to higher grade.” said an Indian exporter based in Kolkata.

63.5/63 % Fe Cargo is hovering around $147-148/mt , but no transaction heard concluded.