UNITED KINGDOM June 09 2017 4:31 PM
LONDON (Scrap Register): The spot iron ore market continued to trend downward under the pressure of high iron ore inventory levels at various Chinese ports, according to the Steel Index.
Transactions activity picked up today as an Australian miner sold 61% Fe PB Fines by tender at a price below 54, then sold a similar cargo on COREX at 53.8.
Another Australian miner sold two shipments of MAC fines, both below 49. A Brazilian miner sold IOCJ fines on globalORE at 70.9.
In China, port stock prices were flat. Spot billet prices in Tangshan gained RMB 20/t. Spot rebar prices in Beijing slipped another RMB 5/t.
Spot rebar prices in Beijing slipped RMB 5/t. The most active DCE iron ore contract lost 1.4% but SHFE rebar futures went up 1.51%.