Spot Iron ore prices ease on poor demand from Chinese steel mills

Monday, February 28,

Spot iron ore pricesextended losses after slumping 5 percent from mid-February last week, with Chinese steelmakers expecting prices to fall further on demand uncertainties..*

Indian ore with 63.5 percent iron content was quoted in China at $189/MT on Monday, including freight, down from $190 on Friday.

Comments by:

Iron ore trader: “We can’t tell how the market will go so far. Demand is weak and steel mills still don’t want to buy unless steel prices rise strongly. And unless the buyers step in, we should see prices continue to ease down to $ 180/MT as we go forward into this week.”