Global iron ore fines (62%) prices have not reflected any major changes in Chinese market. The prices were stable at USD 82/MT CFR China today.
The iron ore prices have been losing its strength for a week now citing the high grade material piled up with manufactures and at the ports as well. The demand for iron ore has been slowed down as participants are giving preference to local concentrate over the high grade material.
However the heavy rains suspending the coal mines operations in Australia have caused a slight uproar in steel making raw material coal future market during the day, settling it marginally higher.
Billet
Billet was traded at 3,120 Yuan (USD 453/MT) including VAT in Tangshan, up 30 Yuan (USD 4.40/MT) from a day earlier.
Dalian Commodity Exchange
Iron ore futures contract closed at 571 Yuan (USD 83/MT) today, up 28 Yuan (USD 4/MT) from Yesterday’s closing level.
Shanghai Futures Exchange
Rebar futures contract closed at 3,169 Yuan (USD 461/MT) today, up 119 Yuan (USD 17/MT) from Yesterday’s close.
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