Spot iron ore market
in China have come to a halt with thinning down of trading activities and falling
prices. Offers for Fe 63.5/63 of Indian fines have slipped further to reach $
178/MT. Offers for Australian 62% Newman fines also went down by $1 to reach
$173/MT (CNF).
“I don't think we'll see much trading today because, if
for some reason, transactions are not concluded within the day, traders will
have to wait until people return to work on Oct. 10 when China get back after
holidays,” said an iron ore trader in China's eastern Shandong province.
Prices of Singapore Exchange-cleared forward swaps dropped
for a second day; with the nearby October contract down by $2.33 to reach
$158.17/MT, at least $12 cheaper than spot rates.
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