Nov29, 2011
Reuters reported that spot iron ore prices are likely to extend losses this week as lean steel demand in top consumer China may limit appetite for the raw material, with sellers cutting prices further on Monday.
Iron ore with 62% iron content dropped half a percent to USD 140.40 a tonne on Friday, according to the Steel Index, putting its weekly loss at 4.8%. It was iron ore's first weekly drop in four weeks.
An iron ore trader in Shanghai said that "The price will continue to slide this week. Sentiment hasn't really changed much, steel demand in China is still very limited.”
Chinese consultancy Umetal said that offer prices of imported iron ore in China fell by another dollar per tonne on Monday, with Australian Neman fines quoted at USD 139 to USD 141 a tonne, cost and freight and MAC fines at USD 133 to USD 135
Australian Pilbara iron ore fines were offered at USD 135 to USD 137 a tonne and Indian 63.5/63 grade fines were quoted at USD 143 to USD 146.
But traders said prices are unlikely to go into freefall again as supplies remain tight.
(Sourced from Thomson Reuters)
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