Monday, May 09,
Spot iron ore prices have slipped down as steel mills in China have held their purchases amid uncertainty over steel demand in the coming weeks.* Indian Exporters quote Fe 63.5/63 at around $ 187-189/MT.
Shanghai rebar futures also fell to a more than two-week low, reflecting concern that accelerating inflation may force Beijing to further tighten liquidity.
Chinese steel mills are also concerned that power shortages in most regions, which could be the worst in years, might force them to reduce production during the summer and weigh on demand further.
“The iron ore physical market continues in a state of confusion where buyers are perceiving prices should come down and sellers are not seeing any drastic corrections,” London Dry Bulk said in a research note on Monday.
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