There is hardly any buying interest in physical Iron ore. Offers of 63.5/63 Fe cargo dropped to $142 and 61/61Fe down to $130.
On the back of the big drop of Platts index and weak physical offers, more aggressive selling was seen on swaps yesterday. Q3 was traded at $130 upon the market open, $5 below last trade.
Shanghai steel future slumped further this morning, down by more than 1.5% on Oct contract.
Leave a Reply