The iron ore prices have settled at USD 91/MT today February 24 after hovering below yesterdays mark due to the low activity in futures markets that posted negative revenues. However the essential buying was as usual from steel makers throughout the day. It seems the manufactures are not in hurry for bigger purchases due the hoarded crush in the facilities.
In Chinese market relatively smaller deals were noticed at ports pushing sellers to cut down their offers compared to the day earlier. Seemingly uneven orders fetched slight increase in the prices of popular products during the day.
Dalian Commodity Exchange
The most-traded May iron ore futures contract closed at 698.50 Yuan (USD 102/MT) today, down 9.50 Yuan (USD 1.40/MT) compared with Thursday’s prices.
Billet
China billet was traded at 3,280 Yuan (USD 477/MT) including VAT in Tangshan, unchanged from previous day.
Shanghai Futures Exchange
The most-traded May rebar futures contract closed at 3,498 Yuan (USD 509/MT) on Friday, up 16 Yuan (USD 2.30/MT) from previous day’s closing price.
China’s spot rebar prices continue to fall
Three days in a row China’s spot rebar prices moved southward due the increased supply from sellers.
Inflated stocks for past few days pushed seller to lower the prices to clear off the inventories as expected earlier in the market.
Rebar prices in eastern China are still up 70-80 Yuan (USD 10.20-11.60/MT) this week while those in northern China are 120-130 Yuan (USD 17.50-18.90/MT) higher, despite the downward trend in prices.
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