September 2014 | Steel Raw Materials
Iron ore loses high-level steel production support: Iron Ore Market Analysis
China Iron & Steel Assn’s (CISA) members’ output fell in late August, coinciding with MBR’s prediction of imminent production cuts in last week’s report.
Although the iron ore spot price didnt fall to $85/tonne CIF, as we expected a week ago, it did breach the $85/tonne mark last week, and ended the week at $83.80/tonne CIF, as bearish sentiment extended. The drop over the week was nearly $4/tonne. At an iron ore conference in China last week, MBR found that market participants were concerned by what they perceive to be an increasingly slack market. Bearish sentiment overwhelmed the conference, with shrunken trades by market participants and forecasts of lows of iron ore prices from just $60-75/tonne...
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