3 Aug, 2012
BEIJING (Commodity Online): Iron ore fines prices continued to show weak trend in China import market on sluggishness in steel industry demand. China Steel prices continued their move southward, according to an analysis by The Steel Index (TSI).
Iron ore fines 62% Fe at CFRTianjin Port was slightly up 0.4% to $116.7 a dry tone, while 58% Fe was quoted 0.3% below at $106.5 a ton. At CFR Qingdao port, 62% Fe, 2% Al was quoted 8.3% lower in the week at $118.6 while 63.5%/63% Fe was quoted at 119.6, a fall of 8.6%, TSI report said.
Iron ore offers continued to move downwards meeting little bid interest as Chinese steel prices continued downwards. A Brazilian miner tendered two cargoes: one 64.08% Fe lump (not index permissible) and one of 60.08% fines with high silica (outside of the index permissible range). Another Brazilian cargo with 62.62% Fe (labelled as 62% fines) was offered on CBMX at 118.85 and later 117.9, but did not conclude.
The best bid on screen was 105. PB fines were still bid at 112. On global ORE Australian 62% fines were offered 116.5 and bid 109. Meanwhile, an Australian miner privately concluded two cargoes of 61% fines (one loading in September, falling outside of TSI’s loading window) at prices that were seen as very high by most participants. There were reports of high cost Chinese iron ore mines shutting production due to low iron ore prices. All prices US$/dmt CFR China.
BEIJING (Commodity Online): Iron ore fines prices continued to show weak trend in China import market on sluggishness in steel industry demand. China Steel prices continued their move southward, according to an analysis by The Steel Index (TSI).
Iron ore fines 62% Fe at CFRTianjin Port was slightly up 0.4% to $116.7 a dry tone, while 58% Fe was quoted 0.3% below at $106.5 a ton. At CFR Qingdao port, 62% Fe, 2% Al was quoted 8.3% lower in the week at $118.6 while 63.5%/63% Fe was quoted at 119.6, a fall of 8.6%, TSI report said.
Iron ore offers continued to move downwards meeting little bid interest as Chinese steel prices continued downwards. A Brazilian miner tendered two cargoes: one 64.08% Fe lump (not index permissible) and one of 60.08% fines with high silica (outside of the index permissible range). Another Brazilian cargo with 62.62% Fe (labelled as 62% fines) was offered on CBMX at 118.85 and later 117.9, but did not conclude.
The best bid on screen was 105. PB fines were still bid at 112. On global ORE Australian 62% fines were offered 116.5 and bid 109. Meanwhile, an Australian miner privately concluded two cargoes of 61% fines (one loading in September, falling outside of TSI’s loading window) at prices that were seen as very high by most participants. There were reports of high cost Chinese iron ore mines shutting production due to low iron ore prices. All prices US$/dmt CFR China.
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