CHINA March 11 2016 4:48 PM
LONDON (Scrap Register): A week that began with such exhilaration ended in an unspectacular fashion. An Australian miner sold another cargo of 62.7% Fe Newman Fines via private negotiation at more than a dollar lower than yesterday’s transaction.
On COREX there were a number of high offers which saw little few bidders: 61% Fe basis PB fines were offered at 58 and bid at just 53; two shipments of 62.7% Fe basis Newman Fines of different sizes were offered at 57.5 and 61 respectively.
On globalORE, 62% Fe MNP Fines were offered at 57 and 56.5 for April delivery. In China port stock prices fell RMB 10/wmt. Some mills in Tangshan lowered their billet prices by RMB 30-40/t.
Spot rebar prices in Beijing came off nearly RMB 100/t. The futures markets were also bearish: DCE iron ore fell 2.62% and SHFE rebar lost 2.89%. All prices US$/dmt CFR China unless stated otherwise.