Spot iron ore prices in China dropped by $ 5-6/MT over the week as steel
mills held their purchases amid weak demand for steel.
Highlights of the week:
* Offers for Fe 63.5/63 of Indian fines went down to reach $ 138-139/MT
(CNF), from the quotes of $145/MT seen last week.
* Brazil's Vale sold 240,000 tonnes of 63.35-grade iron ore fines at
$135.7 a tonne, C&F, this week.
* Iron ore swaps market witnessed low volume reflecting investor's
optimism of more price dips in the near term. The Singapore Exchange-cleared December
contract slipped by $1 to reach $138/MT
* Shanghai futures exchange May rebar settled at 4,159 yuan ($648)
per tonne on Friday, up 26 yuan from Thursday but down 6 yuan compared to a
week ago.
Steel Mills in China show no hurry in replenishing stockpiles given by
the recent weakness in steel prices and plenty of cargoes from Brazil are being
sold at discount in the market. So, chances are less for prices to go move up
in the near term.
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