Spot iron ore market in China looks bearish with question
marks over the near-term outlook. Spot iron ore prices have tumbled over the
recent weeks to reach their all time low given by weak buying interest from
steel mills.
Offers for Fe 63.5/63 slip to reach $153/MT, i.e.
down from the previous offers of $155/MT on Tuesday. Brazilian fines also
witnessed a dip in prices with the Fe 65 quoted at $ 171-173/MT i.e. down by
$16/Mt from the previous trade price.
China Steel, Taiwan's biggest steel producer,
said on Wednesday that it will leave domestic prices for December unchanged for
most products from the October-November period, citing rising uncertainty over
the global economy and softening demand.
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