Offers for spot iron fell on
Friday with Shanghai rebar futures dropping for the second consecutive day. The
most-traded May rebar contract on the Shanghai Futures Exchange eased by 0.3
percent to reach 4,162 yuan/MT by the midday break.
Indian fines Fe 63.5/63 was
quoted at $146/MT i.e. down by $2/MT from the previous trade price. While
offers for Australian Newman fines stayed at $141 to $143/MT
“Steel demand is really
slow, so there's no real interest for iron ore at this point,” said an
iron ore trader in the port city of Rizhao in China's eastern Shandong
province.
“We are offering our cargoes
to all our customers, including traders and mills, but most of them choose to
wait and see,” said another Shandong-based trader, adding that he was only
able to sell 10,000 tonnes of iron ore this week, versus at least 50,000 tonnes
a week when the market rallied in November.
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