China’s ferrous futures tanked across the board for a second day, with the benchmark contracts recording losses of 3.9-5.4%. The most-traded January iron ore contract is down 23% from August 22, when it hit a five-month high.
The weathervane billet price in Tangshan also dived 100 yuan ($15) per tonne late in the afternoon.
The physical iron ore market remained clouded by pessimism. Miner issued very few seaborne offers while the Chinese ports saw little trading.
Both fixed prices and index-based premiums for seaborne cargoes have retreated in the market, where trading activity has been described as “very poor”.
October-arrival Capesize cargoes of Pilbara Blend fines were heard to be...