Spot iron ore market
remains dull on lack of Chinese buying interest and uncertain global economic
outlook. Offers for Fe 63.5/63 remain at $184-185/MT
Shanghai rebar futures fell by more than 1.5% on Friday,
with the most-active January contract hitting a fresh low, as an overnight
slump in world stocks and commodities prices added to investors' fear about the
state of the global economy.
January benchmark rebar on the Shanghai Futures Exchange
fell to 4,465 yuan ($699)/MT, the contract's lowest ever, tracking losses in
the equities and commodities markets.
Although analysts had previously expected steel demand in
China to peak in the coming months on the back of the consumption season,
renewed fears of further global financial turmoil in recent weeks have caused
some end-users to put on hold the earlier restocking plans.
“China's steel demand is picking up, but only
marginally as the overall steel market is not immune to the global economic
woes,” said an analyst with China's industry consultancy.
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