Iron Ore market shows a negative trend last week

AUSTRALIA March 09 2015 11:10 AM

(Scrap Register): The iron ore market was decidedly dark last week as the DCE iron ore futures shed a further 2.61% on Friday to add to Thursday’s woes, as per The Steel Index.

The SHFE rebar contract dropped 1.89%, while physical prices for rebar in major Chinese cities were down RMB 10-30/t; Tangshan billet fell RMB 10/t.

There were few physical deals for spot ore – offers for mainstream Australian grades on a 62% Fe basis were generally at 59 or lower, both privately and on the trading screens, with bids several dollars lower.

An Australian miner managed to achieve more 59.1 for a cargo of PB fines on a 61% Fe basis over COREX, however.

At Chinese ports, offer prices for stockpiled ore were trimmed by around RMB 5/wmt. All prices US$/dmt CFR China unless stated otherwise.