China
declining rebar contract, with industry negative outlook, keep away iron ore
buying. Shanghai rebar futures dropped for a second day on Friday, weighed
down by a weak outlook for steel demand in top market China after fresh data
suggested the Chinese economy was cooling off rapidly, although hopes of
further monetary easing capped losses.
The
most-traded May rebar contract on the Shanghai Futures Exchange eased 0.2
percent to close at 4,169 yuan a tonne, and was nearly flat on week.
“We
are offering our cargoes to all our customers, including traders and
mills, but most of them choose to wait and see,” said the Shandong-based
trader, adding he was only able to sell 10,000 tones of iron ore this week,
versus at least 50,000 tones a week when the market rallied in November.
Offers for Indian iron ore fines remain same. Indian
fines Fe 63.5/63 was quoted at $146/MT. While, offers for Australian Newman
fines stayed at $141 to $143/MT.
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