27 July, 2012
BEIJING (Commodity Online): Imported iron ore fines market crashed this week on weak demand from steel industry, according to The Steel Index. China steel industry is expected to remain weak with stimulus measures unlikely to take effect on demand in the economy.
Iron ore fines 62% Fe at CFR Tianjin Port fell 7% to $116.2 per dry ton while 58% Fe fell 8.9% to $106.8 per dry ton.
At CFR Qingdao port, 62 % Fe, 2 Al % fell 6.1% to $118.1; 63.5%/63% Fe fell 6.3% $119.1 per dry ton, TSI report said.
Steep fall in iron ore prices have prompted stakeholders in the industry to opt for iron ore swaps to mitigate risks, according to Freight Investor Services. Hence, July trade volumes of iron ore swaps are set to zoom, FIS said.
Iron ore producers BHP, Rio Tinto and Vale have launched capacity ambitious capacity expansion plans as they expect the slowdown in China economy to ease and rebound soon.China steel futures have risen after tumbling to record low on Monday. The most active rebar contract on Shanghai Futures Exchange rose to a week-high of 3768 Yuan ($590) a ton before falling to 3,762 yuan.
BEIJING (Commodity Online): Imported iron ore fines market crashed this week on weak demand from steel industry, according to The Steel Index. China steel industry is expected to remain weak with stimulus measures unlikely to take effect on demand in the economy.
Iron ore fines 62% Fe at CFR Tianjin Port fell 7% to $116.2 per dry ton while 58% Fe fell 8.9% to $106.8 per dry ton.
At CFR Qingdao port, 62 % Fe, 2 Al % fell 6.1% to $118.1; 63.5%/63% Fe fell 6.3% $119.1 per dry ton, TSI report said.
Steep fall in iron ore prices have prompted stakeholders in the industry to opt for iron ore swaps to mitigate risks, according to Freight Investor Services. Hence, July trade volumes of iron ore swaps are set to zoom, FIS said.
Iron ore producers BHP, Rio Tinto and Vale have launched capacity ambitious capacity expansion plans as they expect the slowdown in China economy to ease and rebound soon.China steel futures have risen after tumbling to record low on Monday. The most active rebar contract on Shanghai Futures Exchange rose to a week-high of 3768 Yuan ($590) a ton before falling to 3,762 yuan.
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