Fri Feb 25, 2011 5:28am GMT
* Mysteel offers down 5 percent in late February
* Indexes retreat to more than one-month low
* Swaps extend losses, outlook uncertain By Ruby Lian and Tom Miles
Indian ore with 63.5 percent iron content was quoted in China at $191-193 per tonne including freight on Friday, versus $193-$195 on Thursday, Chinese industry consultant Mysteel said.
"The overall market is still under a bearish atmosphere. It is still too early to say when a turning point will come," said an iron ore trader in Shandong province.
Iron ore hit $200 per tonne in mid-February, the highest level since February 2008, but a lull in trading as steel mills held back on purchases has dragged down prices by almost 5 percent.
A few deals were concluded at below $190 per tonne including freight this week, as buying from top consumer China continued to wind down.
Three global iron ore indexes also fell on Thursday, touching a more than one-month low.
The Platts' 62 percent iron ore index IODBZ00-PLT tumbled $2 to $184.75 per tonne including freight, the lowest level since Jan. 17.
Metal Bulletin's 62 percent index .IO62-CNO=MB slumped $2.98 to $183.58 per tonne, the lowest since Feb. 8, and the Steel Index's 62 percent gauge .IO62-CNI=SI slipped 80 cents to 184.1 per tonne, the lowest since Jan. 19.
The benchmark rebar contract for October delivery on the Shanghai Futures Exchange SRBV1 was at 4,880 yuan per tonne by the midday break, down 0.2 percent from the previous close and at a near two-month low.
Singapore Exchange-cleared swaps fell again on Thursday trending downward over the months ahead, reflecting the concern of market players over near-term demand and prices.
The contract for March SGXIOSH1 slid $1.57 to $167.1 per tonne, April SGXIOSJ1 slipped $1.12 to $158.05 per tonne, and May SGXIOSK1 declined $1.37 to $156.3 per tonne.
(Editing by Chris Lewis, sourced :Thomson Reuters)
Tags :Chinese steel industry consultant Mysteel, iron ore trader, inventories, global iron ore indexes, Shanghai Futures Exchange, The benchamark rebar contract, Metal Bulletin, Singapore Exchange,