Monday, June 27,
Spot iron ore prices in China went down by $1-2/MT on Monday. Iron ore Supply from Brazil & Australia remains strong but supply from India is expected to remain tight during the ongoing monsoons and it may keep spot iron ore prices from falling sharply.
According to traders based in China, “Steel prices are going down in China so the outlook for iron ore is also bleak. There’s a lot of supply in the market right now, particularly from Australia and Brazil”
Offers for Fe 63.5/63 of Indian cargo dropped to $176MT (CNF CHINA) on Monday, from $177 on Friday.
Australian 62 percent Newman fines were steady at $173-$175/MT.
Prices of iron ore forward swaps extended losses on Friday with all contracts falling reflecting weak investor sentiments.
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