Platts reported that "Seaborne iron ore cargo prices slid again Wednesday as buyers remained resistant to purchasing in the spot market.
The Platts 62%-Fe fines assessment was down 75 cents to $186.75/dry mt, and the Platts 63.5/63%-Fe assessment was down also down 75 cents at $191.75/dmt. Transactions were limited in the spot market, as buyers held back from purchasing, and trade slowed down...
'There are still some buyers in the bearish market, who are waiting for the right time and the right price to buy a spot cargo,' said a Shanghai trader.
'The price for iron ore is going down because everyone is panicked when the prices of steel futures fall suddenly from the peak, I believe the price of iron ore will stabilize by next week when the price of steel products and steel futures remain constant,' said the Beijing trader.
There were some bullish factors, as traders also talked of a possible supply slowdown from Australia following the recent cyclone, and although Port Headland had opened, there were reports that there were loading delays and queues at the port.
Added to this traders were wary, as in India on February 28 there will be a ruling on whether iron ore export duties will increase. However, not everyone was in agreement that prices would stabilize soon, with some pointing out that the price of iron ore still remained bearish in the short run.
'I was willing to pay $190 for a 63.5/63 Indian fines cargo yesterday, but not a single cent today, as the steel mills are shunning the spot market, many of them are reeling from the credit crunch in China today,' said the Beijing trader.
In the low-grade market there was talk that 58/58%-Fe cargo with 4% alumina and 5% silica had been sold at $163/dmt CFR North China, although sources also reported pressure on low-grade spot prices...
Spot prices of Q235 square billet stayed unchanged at Yuan 4,330/mt ($657) ex-stock while hot-rolled coil was down Yuan 50/mt at Yuan 4,870/mt ex-stock. On the Shanghai Futures exchange, the most active October rebar futures contract was down Yuan 60/mt at Yuan 4,940/mt.
'The price of many commodities futures suffered a huge dip today due to the instability in Libya, the steel futures are not spared either,' said a Shanghai trader."
The Platts 62%-Fe fines assessment was down 75 cents to $186.75/dry mt, and the Platts 63.5/63%-Fe assessment was down also down 75 cents at $191.75/dmt. Transactions were limited in the spot market, as buyers held back from purchasing, and trade slowed down...
'There are still some buyers in the bearish market, who are waiting for the right time and the right price to buy a spot cargo,' said a Shanghai trader.
'The price for iron ore is going down because everyone is panicked when the prices of steel futures fall suddenly from the peak, I believe the price of iron ore will stabilize by next week when the price of steel products and steel futures remain constant,' said the Beijing trader.
There were some bullish factors, as traders also talked of a possible supply slowdown from Australia following the recent cyclone, and although Port Headland had opened, there were reports that there were loading delays and queues at the port.
Added to this traders were wary, as in India on February 28 there will be a ruling on whether iron ore export duties will increase. However, not everyone was in agreement that prices would stabilize soon, with some pointing out that the price of iron ore still remained bearish in the short run.
'I was willing to pay $190 for a 63.5/63 Indian fines cargo yesterday, but not a single cent today, as the steel mills are shunning the spot market, many of them are reeling from the credit crunch in China today,' said the Beijing trader.
In the low-grade market there was talk that 58/58%-Fe cargo with 4% alumina and 5% silica had been sold at $163/dmt CFR North China, although sources also reported pressure on low-grade spot prices...
Spot prices of Q235 square billet stayed unchanged at Yuan 4,330/mt ($657) ex-stock while hot-rolled coil was down Yuan 50/mt at Yuan 4,870/mt ex-stock. On the Shanghai Futures exchange, the most active October rebar futures contract was down Yuan 60/mt at Yuan 4,940/mt.
'The price of many commodities futures suffered a huge dip today due to the instability in Libya, the steel futures are not spared either,' said a Shanghai trader."
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