Iron ore prices slip further as Chinese steel market weakens

The physical iron ore market reported thin trading and lower prices on Friday July 21 after Chinese steel prices retreated further, but premiums for the steelmaking raw material appear to be holding steady.

Key drivers
China’s spot rebar and hot rolled coil prices fell 10-60 yuan ($1.50-8.90) per tonne during the day.
Prices for seaborne iron ore continued to weaken, though premiums for index-linked shipments remained stable.
Mills were willing to buy seaborne cargoes at $60-65 per tonne cfr, but prices of above $70 per tonne cfr made them hesitate, a trader in south China said.
August-delivery Capesize cargoes of Pilbara Blend fines, of which only a small number are available, are said to be tradable at premiums of $1.30-1.50 per tonne against indices, a trading source in north China said.

Joint shipments of Pilbara Blend fines and...

Published

July Zhang

July 21, 2017

11:31 GMT

Shanghai