Spot Iron Ore market continues slow downward drift

UNITED KINGDOM April 08 2016 5:19 PM

LONDON (Scrap Register): It was a relatively uneventful end to an uneventful week for the iron ore spot market, which continued its slow downward drift, according to The Steel Index.

The largest miners were all active in the market, selling spot material ahead of the weekend. An Australian miner sold 61% Fe PB Fines via a tender which closed just above 53. 

Another Australian miner sold 62.7% Fe basis fines through private negotiation a touch higher than 54. A Brazilian miner sold 62% Fe BRBF fines over the globalORE screen at a floating price. 

In China, prices for iron ore port stocks were down slightly due to a lack of activity. The most active DCE iron ore contract fell 0.26% while SHFE rebar rose 0.41%. 

Spot rebar prices in Beijing were up RMB 25/t. Spot billet prices in Tangshan were flat. All prices US$/dmt CFR China unless otherwise stated.