Thursday, March 24,
Spot iron ore prices in China remained flat and buyers in the market exercised caution due to weaker steel demand..*
According to an Iron ore trader in China, “Mills have big stocks of steel products and selling is very slow. That’s the main problem for steel mills at the moment.”
“Buyers are cautious currently due to volatile moves in Chinese steel prices,” Commonwealth Bank of Australia said of the iron ore market, but added that it expects some purchases to continue with port as mill stockpiles for iron ore are running low.
Shanghai steel rebar futures have been volatile of late, reflecting uncertainty on steel demand in China. The most traded October steel rebar contract on the Shanghai Futures Exchange slipped by 0.4 % to 4,708 Yuan/MT
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