As mentioned in our article “Iron ore market maintains ominous silence amidst chaotic market” on 30th June iron ore prices receded by USD 1 per tonne this week.
Release of the pent up recluse in buying activity after the Chinese mills cut down on production in mid June as domestic levels plummeted under surplus production. Daily crude steel production declining from 2.04 million tonne per day in mid May to 1.97 million tonne by mid June had a cascading effect on the iron market.
Transactions slumped with skeletal enquiries by mills opting to postpone prospective buying.
Finished price correction unabated there is barely any glimmer of hope in the coming weeks
Iron ore fines
|Fe 63/62 %||-0.8%|
|Fe 62 / 61%||-0.8%|
|Fe 61 / 60 %||-0.9%|
|Fe 60/59 %||-0.9%|
|Fe 59 / 58 %||-0.9%|
|Fe 58 / 57%||-1.0%|
|Fe 57/56 %||-1.0%|
|Fe 55/54 %||-1.1%|
|Fe 54/ 53 %||-1.2%|
|Fe 53/52 %||-1.2%|
|Fe 52/51 %||-1.3%|
Change is on July 2nd as compared to 29th June 2012
Change is per tonne
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