Global iron ore index fell today amid weaker consumption and decline in spot steel prices.
Iron ore fines (Fe 62%) index today (i.e. 14 Dec’16) moved down by USD 2.5/MT to USD 79.5/MT, CFR China.
Seaborne iron ore market weakened over declining billet and spot steel prices. Construction activities are likely to slow down amidst holidays on account of Chinese new year holidays, which may further weaken the trading activities.
Spot rebar (16-25 mm) prices in Shanghai today fell by USD 14/MT D-o-D to USD 492-497/MT (ex-warehouse, inclusive of VAT).
On similar lines, spot HRC prices in China also tumbled by USD 10-17/MT, against yesterday’s closure.
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