Seaborne iron ore price unchanged after decrease of USD 3 on Thursday. Spot Iron ore price stayed at USD 132/MT CNF China.
Market sentiments are weak as the demand for steel is not increasing as expected to increase in the month of September. Shanghai steel rebar future playing bearish trading at its six week low.
Traders in China are waiting for further fall in the prices of Iron ore whereas steel industries in China are in no hurry to purchase Iron ore as they have sufficient stocks for September month.
Shanghai steel rebar future went down to Yuan 3665 after closing at Yuan 3717 on Thursday. This decrease in prices is due to weak demand from industries.
Chinese economy is improving after government intervention. Chinese economy will increase its pace may be during early next month. Weak purchase of Iron ore in china is also due to coming national holiday in first week of October.
A tender for 80000 MT of Fe 58% sold at USD 134.25 through global ore. An Iron ore trader at Shandong port sold Fe 62% Newman Fines at RMB 950 MT and 61% PB Fine at RMB 950. Australian PB Fines grade 61.5 stayed at USD 130.
Billet on Friday drop further by RMB 30 after decrease of RMB 20 on Thursday. Billet EXW price is at RMB 3070.
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