February 2017 | Steel Raw Materials
Prices deflate but fundamentals yet to hit home: Iron Ore Market Analysis
The steel stock overhang is expected to linger and generate negative sentiment for iron ore consumption moving forward.
Activity was mostly light over the first half of the week, as consumers remained on holiday following the Chinese New year. Nevertheless, as normal trading resumed, prices tumbled. On a week-on-week basis, the index price for spot ore delivered to China (normalised to Qingdao/62% Fe) decreased by 3.3% to $80.60/t CFR, while those for pellet were unchanged at $108.58/t CFR (Fe 65%). In respect of tenders, Rio Tinto sold a cargo of 61% Fe Pilbara Blend fines at $79.45/t CFR (laycan 26th February7th March), down by...
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