UNITED KINGDOM May 15 2015 5:24 PM
LONDON (Scrap Register): Despite a rebound in iron ore futures, which recouped 1.18% on Friday, it was a very mixed picture for the physical spot market, as per the Steel Index.
A Brazilian miner concluded a tender for a new product with 63.1% Fe at a little shy of 63.5, while an Australian miner sold 62.5% Fe fines at 61.5 over COREX.
There were strong private deals seen for prompt material, but buying appetite for July arrival cargoes was weaker.
On globalORE 62% Fe MNP for July delivery traded at 56, after a similar transaction happen on COREX earlier in the day at a slightly lower level.
The price of port stocks in China fell by a further RMB 5/wmt. Sentiment among mills, with margins now crushed by higher raw materials costs and a slumping steel market, was downbeat.
Spot rebar prices in Shanghai were down RMBN 20/t. SHFE rebar futures edged up 0.38%, however. All prices US$/dmt CFR China unless stated otherwise.