Spot iron ore prices noticed a downward momentum on Friday as Chinese govt indicates hike in interest rates by 57 basis points.
Market reacted with the rumor and Shanghai Stock exchange fell by 5% , Chinese steel re-bar futures corrected by 4% on Shanghai future exchange on Friday
Commodities remained weak, buyers remain cautious and confused, buying interest remained low.
Spot iron ore prices tested $168/MT for 63.5 Fe cargo and went back to $ 165/MT said a market participant.” Demand remains weak, we have very queries since yesterday after there was a rumor that Chinese Govt might hike interest rates: said an exporter based in Eastern India
Leave a Reply