Slowdown continues for the third day in the iron ore prices. Weak future prices weakened the steel prices in Chinese market bringing iron ore prices down, third day in a row at USD 88/MT on 7th March.
As feared by some participants, it seems the higher output by manufactures and stocked raw material has created over supply in the country, though the demand had grown post Chinese New Year holiday a period of sluggish demand.
Billet
Billet was traded at 3,150 Yuan (USD 458/MT) including VAT up 50 Yuan (USD 7/MT) compared with Monday.
Dalian Commodity Exchange’s
Close: 661.50 Yuan (USD 96/MT) up 0.50 Yuan (USD 0.10/MT)
Shanghai Futures Exchange
The most-traded May rebar futures contract closed at 3,494 Yuan (USD 507/MT) up 27 Yuan (USD 4/MT) compared with Monday’s closing price.
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