Spot Iron ore prices in China have fell further by $1-2/MT.
Market players feel prices could fall further with Chinese mills unlikely to
take any action before a long weekend holiday. Chinese markets will be shut on
coming Monday and Tuesday for the Labour Day break.
Indian Fines Fe 63.5/63 is heard being quoted at $148/MT, i.e down by $2/MT
Top miner Vale sold a cargo of Fe 63.99-percent grade iron
ore fines at $151/Mt (CnF), at a tender that closed late on Tuesday, traders
said. The price was quite low versus Vale's previous sale of 64.4-percent grade
material at $157.
Earlier this week, Rio Tinto also sold a 62.5-percent grade
South African iron ore concentrate at $142.10/MT.
According to traders, “I think mills will prefer to
wait until after the holiday to see where the markets head”.
The most active rebar contract for October delivery on the Shanghai
Futures Exchange hit a session low of 4,251 yuan ($670)/MT, its weakest since
March 7. Sluggish demand in China has kept the prices under pressure.
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