Research

Forecasts and market analysis based on price assessments from Fastmarkets MB and Fastmarkets AMM

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January 2010 | Steel Raw Materials


Iron ore prices decline slightly this week: Iron Ore Highlights


MBR believes that Chinese traders’ resistance to higher prices, and the fact that mills seem to have some stocks of iron ore to fall back on, seems likely to keep iron ore prices stable until the start of February.

Iron ore markets have been relatively quiet over the last week or so. Miners have generally refused to drop their spot prices despite growing reluctance on the part of Chinese buyers to pay more than $130/tonne cfr for high-quality iron ore. MBR understands that offers for 63.5% Fe-content iron ore are currently ranging between $132-134/tonne cfr, although we have had no confirmation of bookings being made at this level. Lower-quality ore—around 60% Fe-content—is selling for around $120/tonne cfr east China.

There is at least one noteworthy reason for believing that spot market iron ore prices have peaked for the time being. We understand that most large-sized Chinese steel mills have restocked their iron ore...

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