April 2013 | Steel Raw Materials
Commodity sell-off hits iron ore prices: Iron Ore Highlights
Chinese mills up to this point had been busy topping inventory levels, despite a growing steel stock overhang.
The release of disappointing first quarter Chinese GDP data seemed to serve as an inflection point for iron ore last week. Mills up to this point had been busy building up inventory levels, despite a growing steel stock overhang. However, as the notion hit home that steel sales targets were likely to be missed, interest in iron ore tailed off. Week-on-week prices for Chinese import fines (Fe 63.5%) declined by 2.8% to $138.50/tonnes CFR, while those for pellets (65-66% Fe) followed suit decreasing by 3% to $161.50/tonne CFR.
Chinese domestic iron ore prices were less affected, but still fell. Those for concentrate slipped by 0.3% to $165.96/tonne, while pellets edged slightly lower by 0.2% to...
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