Iron ore demand in China is weak and buying sentiments are negative. Seaborne spot Iron ore price on Monday was being traded at USD 133 CFR China.
China:
Iron ore prices are low because of weakening steel prices and the performance of Shanghai Steel Rebar Future which is trading at its 6 week low sending negative signals to the market about improvement in the economy.
Rebar Future is down for continuous fifth session on Monday trading at Yuan 3,647 i.e. down by Yuan 70 since Thursday. This fall in prices of Iron ore in China is coming down because of negative steel demand, which is expected to increase September'13.
Trader based in China sold 62% Newman fines at RMB 945/MT at Shandong Port and 57.5% Yandi fines at RMB 830/MT. Australian PB Fines grade 61.5 stayed at USD 132.
Billet EXW price increased by RMB 10 since Friday stayed at RMB 3080.
USD 1 = RMB 6.1554
Leave a Reply