After a two-day rise, import prices for iron ore have moved down in China today due to unfavourable macroeconomic
performance.
An increase in demand could no longer support suppliers, and price for 62% Fe Australian fines has declined by $1/t to
$70-71/t CFR as compared to last Friday. Four batches of the material have been sold on the exchange during the
day, while the number of offers at the current level has risen significantly.
Although the quotes were expected to go down, the decline has been registered only after the release of China’s
November steel PMI showing a drop to the nine-month lowest of 43.3%.
In addition, players worry about a decrease in offers from the key longs producers for early December by RMB 30-150/t.
Amid no significant economic inducements and a slowdown in China’s GDP growth rates, iron ore quotes have lost
more than $60/t since the start of 2014.
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