Iron ore prices in spot market corrects by 20-30 Yuan on concerns of weak demand. With Bao Steel keeping its prices unchanged for November, buyers are cautious and are in no hurry to book cargoes.Australian and Brazilian cargoes fetched lower bids yesterday.
China's steel prices, both futures and spot, are stabilizing after recent gains "and buyers are assessing whether end-user demand will pick up significantly", said a Shanghai-based trader.
"Demand growth in China is still slow and the medium- to long-term outlook remains uncertain,"he further added.
Leave a Reply