SHANGHAI Feb 28 (Reuters) - Spot prices of iron ore stood unchanged on Monday after slumping 5 percent from mid-February, with Chinese steelmakers expecting prices to fall further on demand uncertainties.
Indian ore with 63.5 percent iron content was quoted in China at $191-193 per tonne including freight, unchanged from last Friday, traders said, but demand remained murky as Chinese steel mills hoping for more falls are refraining from making large bookings.
"We can't tell how the market will go so far. Demand is weak and steel mills still don't want to buy unless steel prices rise strongly," said an iron ore trader in Shanghai.
Last week, steel mills in China stayed on the sidelines of the market and a few deals were sealed with Indian suppliers at below $190 per tonne including freight.
Uncertainty regarding steel demand and prices have triggered more concern among steel mills, who are expecting iron ore prices to break $180 per tonne in the near future.
The benchmark rebar contract for October delivery on the Shanghai Futures Exchange SRBV1 crawled 0.5 pct higher to close at 4,893 yuan ($744.3) per tonne by the midday break from the previous close, but was still near a two-month low.
Three global iron ore indexes also fell last Friday. The Platts' 62 percent iron ore index IODBZ00-PLT dropped for the seventh straight session to $183.5 per tonne, $1.25 lower than the previous close and a the lowest since Jan. 17.
Metal Bulletin's 62 percent index .IO62-CNO=MB edged down $1.72 to $181.86 per tonne, and the Steel Index's 62 percent gauge .IO62-CNI=SI stood unchanged at 184.1 per tonne, both hitting their lowest since Jan. 19. ($1=6.574 Yuan) (Reporting by Ruby Lian and Tom Miles; Editing by Jonathan Hopfner)
Tags:Shanghai Futures Exchange, The Platts iron ore index, Metal Bulletin, The Benchmark rebar contract
Indian ore with 63.5 percent iron content was quoted in China at $191-193 per tonne including freight, unchanged from last Friday, traders said, but demand remained murky as Chinese steel mills hoping for more falls are refraining from making large bookings.
"We can't tell how the market will go so far. Demand is weak and steel mills still don't want to buy unless steel prices rise strongly," said an iron ore trader in Shanghai.
Last week, steel mills in China stayed on the sidelines of the market and a few deals were sealed with Indian suppliers at below $190 per tonne including freight.
Uncertainty regarding steel demand and prices have triggered more concern among steel mills, who are expecting iron ore prices to break $180 per tonne in the near future.
The benchmark rebar contract for October delivery on the Shanghai Futures Exchange SRBV1 crawled 0.5 pct higher to close at 4,893 yuan ($744.3) per tonne by the midday break from the previous close, but was still near a two-month low.
Three global iron ore indexes also fell last Friday. The Platts' 62 percent iron ore index IODBZ00-PLT dropped for the seventh straight session to $183.5 per tonne, $1.25 lower than the previous close and a the lowest since Jan. 17.
Metal Bulletin's 62 percent index .IO62-CNO=MB edged down $1.72 to $181.86 per tonne, and the Steel Index's 62 percent gauge .IO62-CNI=SI stood unchanged at 184.1 per tonne, both hitting their lowest since Jan. 19. ($1=6.574 Yuan) (Reporting by Ruby Lian and Tom Miles; Editing by Jonathan Hopfner)
Tags:Shanghai Futures Exchange, The Platts iron ore index, Metal Bulletin, The Benchmark rebar contract
Posts
No comments:
Post a Comment