MBIO Index 25 January 2011
$183.48/tonne MBIO Index 24/1/11 $184.43/tonne % Change -0.5%/tonne $ Change -$0.95/tonne The MBIO Index today calculated to $183.48/tonne cfr Qingdao on a 62% Fe basis. This is a fall of $0.95/tonne on yesterday as the index falls for the first time since 6th January. It is also the largest drop in a month. Yesterday, despite the climb in the index, the number of transactions fell as mills stayed out of the market giving some indication that prices may drop shortly. This trend has continued today with few deals taking place. Assessments for 63.5% Indian material remained flat again today, at $188-191/tonne. With the holiday fast approaching, we may start to see the number of transactions continue to fall with traders unwilling to remain in the market as liquidity starts to dry up. Mills seem to have finished the majority of their buying as well. If this is the case we can expect to see the spot price start to edge down in the short term. Read More at http://www.mbironoreindex.com/ Sourced:Metal Bulletin Ltd.
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