May 2012 | Steel Raw Materials
Prices stabilise, but supports are crumbling: Iron Ore Highlights
Chinese steel mills are in a destocking phase after record production rates in April.
Chinese imported iron ore prices declined for the second consecutive week; 63.5% Fe content fines slipped $1/tonne to $148/tonne CFR and 65-66% Fe content pellets $2.50/tonne to $176.50/tonne CFR. The falls show that weakness remains in the Chinese market, and with China on holiday on Monday and Tuesday this week, MBR expects prices to fall lower by the end of week. Steel mills are said to be in a destocking phase of steel products and iron ore, thus removing the little support for prices. Chinese iron ore imports in March declined 3.2% compared with the previous month, however, the comparison with the year earlier made for better reading. Iron ore imports increase 5.9% compared with March 2011. The largest supplier was Australia with Brazil second. Import statistics confirm the increased steel production through March and the resulting export surplus. Iron ore stock levels at ports were stable through the month...
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