May 2012 | Steel Raw Materials
Prices continue on their downward trajectory: Iron Ore Highlights
Oversupply of steel in China isn't helping address the current supply - demand inbalance.
With demand under pressure trading volumes for the week were thin. As such prices continued to react negatively and decline. Week-on-week prices for Chinese import fines (63.5% Fe-content) dropped 0.3% to 147.50/tonnes CFR, while those for pellets (65-66% Fe) were stable at $176.50/tonne CFR. Chinese domestic concentrate and pellet prices both fell by 0.5% to $169.84/tonne and $190.41/tonne (average of a selection of prices), respectively. Following sales tenders by the major miners, producers prices weakened. One major sold 63.72% iron ore fines at $145.18/tonne CFR, down by around 0.9% on a previous tender last week.Swaps tied to delivery in June traded between $138.25 – 140.75/tonne, a decrease of around 0.3% compared with the previous week and those for the third quarter 2012 also continued the downward trend,...
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