Spot iron ore prices have fell to reach their lowest in
nearly three months due to limited buying interest from Chinese mills. Weak
demand for steel has also prompted traders to hold their cargoes instead of selling
them.
Indian fines Fe
63.5/63 quoted at around $139-140/MT i.e. down by $7-8/MT from the prices
quoted at the beginning of the month.
Top miner Vale sold a 195,000 MT fines of Fe 63.42 at
$133.62/MT at a recent tender i.e. down
sharply from a previous similar grade sale at $139.05/MT
Rio Tinto also offered Fe 61.5 Pilbara fines at $140/MT. But
there are no buyers yet.
BHP Billiton is also selling around 190,000 MT of Newman and
MAC fines at a tender on 17th May
According to a trader, “Fundamentally I still don't see
any near trigger point that will support steel prices, so I believe there's
further room for correction in prices.”
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