Spot iron ore prices were unchanged on Monday, with Indian fines Fe 63.5/63 being offered in China at $138-139/MT CFR.
However, Shanghai steel futures dropped for a second day on Monday as demand in China remained tepid.
The most-traded rebar contract for October delivery on the Shanghai Futures Exchange fell more than 1 percent to a near one-week low of 4,046 yuan ($640) per tonne. By the midday break, it stood at 4,054 yuan, down 0.9 percent.
In other news, Iron ore shipments to China from Australia's Port Hedland fell by 7.6% in June from the previous month, according to port authority data.
Shipments to China retreated to 16.09 million tonnes from 17.42 million tonnes in May, the data showed.
Source: Reuters
Leave a Reply