Monday, Aug 08,
Spot iron ore in China remains unchanged on Monday. Buyers remain cautious over fall in rebar futures & the ongoing US economic crisis.
Shanghai rebar futures fell over 1 percent to a more than one-month low on Monday as investors were frightened by the downgrade of the U.S. credit rating.
A sharp fall in rebar prices has continued to weigh upon iron ore prices and it is diluting the buying interest among steel mills and traders in China.
Chinese steelmakers have started to slowdown the purchase of iron ore and offers for Fe 63.5/63 of Indian ore fines remain steady at $185-187/MT.
Stockpiles of imported iron ore at major Chinese ports rose by 1 percent to reach a record 95.35 million tonnes by last Friday, with ore from top supplier Australia up 5.4 percent. However stocks from India slipped by 1.2 percent and that from Brazil went down by 5.7 percent.
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