Global iron ore prices are witnessed at USD 79/MT, CFR China on 21 Dec’16. Prices moved down by USD 2/MT in two days as iron ore demand is dull due to ongoing winter season.
Construction activity has halted and steel mills have ordered to reduce production in order to reduce air pollution.
Chinese steel mills have already sufficient inventories for the New Year Holiday.
Tianjin Port, as the busiest port of China has stopped the shipping operations in response to the government move to take emergency measures to handle severe pollution.
There was slight change seen in iron ore future contract namely Dalian Commodity Exchange. The most-traded iron ore futures contract closed at 573 Yuan (USD82.40/MT), up 5 Yuan (USD 0.70/MT) for May’17 from yesterday’s closing level.
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