AUSTRALIA April 10 2015 5:42 PM
LONDON (Scrap Register): Despite a sharp slump on DCE iron ore futures, which were down by more than 3% on the most active contract, spot iron ore generally remained well bid, as per the Steel Index.
On global ORE, there were numerous bids for 62% Fe mainstream Australian products for May delivery at around 47. A shipment of PB fines on a 62% Fe basis traded at 48 on the platform.
MNP for the same month still traded at 45.2, however, late in the day – despite plenty of higher bids – after a June arrival MNP cargo had traded at 45 on the screen earlier in the day.
An Australian miner held a tender for 61% Fe PB fines which concluded above 47. A cargo of FMG Blend traded on global ORE at 41.2. In China, port stock prices were flat.
Spot billet prices in Tangshan rose 10/t, but spot rebar in Shanghai and Beijing fell 10/t. SHFE rebar was down 1.56%. All prices US$/dmt CFR China unless stated otherwise.
