Iron ore physical market ends the week quietly

UNITED KINGDOM March 20 2015 5:41 PM
LONDON (Scrap Register): The DCE iron ore futures fell hard again, losing 1.83% on Friday's session.

According to The Steel Index, iron ore physical market ended the week quietly though, with the only fixed price deal being the sale by a miner of 62.5% Fe Newman Fines at a relatively firm level of 56 on the COREX screen.

Mainstream Australian grades on a 62% Fe basis were still offered below this level on globalORE. PB fines for April delivery stood at 52/55.45 and Newman Fines basis 62% were at 54.25/55.5.

Another Australian miner sold 62% Fe PB fines on a floating basis via bilateral negotiation. Chinese traders trimmed their offers for port stocks by around RMB 5-10/wmt.

Billet prices in Tangshan rose RMB 20/t. Spot rebar in Beijing fell RMB 10/t. All prices US$/dmt CFR China unless stated otherwise.