Seaborne iron ore prices in China have moved down amid subdued demand and falling futures. Benchmark iron ore fines Fe 62% index is hovering around USD 74.3/MT, CFR China which was assessed at around USD 75.9/MT, CFR China in the beginning of last week.
Also, steel mills have finished most of the restocking ahead of upcoming Lunar New Year holidays resulting in less trade activities.
Iron ore stock at Chinese major ports have increased sharply in Jan’18 and crossed 150 MnT. Last week iron ore stock at Chinese major ports stood at 153 MnT which was around 146-148 MnT a month ago.
Construction activities come to a standstill amid winters-
Steel demand is slow amid heavy snow and winters resulting in lesser construction activities.
Domestic rebar prices in eastern China have come down and are hovering around RMB 3,820-3,890/MT (ex-works) which was RMB 4,250-4,300/MT (ex-works) a month back.
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