April 2012 | Steel Raw Materials
Prices track sideways: Iron Ore Highlights
Prices appear to be nearing a correction as buyers hold off activity.
Market prices appear to be nearing a correction. For the week in general, trading volumes were thin, while prices tracked mainly sideways. Traders have been working hard to talk up the market with varying degrees of success. In light of lower-than-expected Chinese GDP growth of 8.1%, many buyers confirmed in their own mind that the market had indeed turned to the downside and refrained from purchasing. Week-on-week prices for Chinese import fines (63.5% Fe content) and pellets (65-66% Fe) edged marginally higher by $0.5/tonne to $150.50/tonne CFR and by $2/tonne to $179/tonne CFR, respectively.
Following sales tenders by the major miners, producer prices firmed. One major sold 100,000 tonnes of Australian Pilbara iron ore fines...
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