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China steel mills have ore stocks worth 25-30 days of consumption which is relatively high and hence the sluggish trade seen in markets, Reuters quoting traders said. China imports dropped to a four-month low of 56.42..

09 Mar 2013

BEIJING (Commodity Online): Iron ore prices remained weak as China mills mostly abstained from purchasing as they are sufficiently stocked with the raw material. Little buying interest was visible towards weekend, reports said.

Iron ore fines 62% fe content at Tianjin port fell 2.9% to $146.3 per dry ton while 58% Fe fell 1.5% to $137.8 per dry ton, according to The Steel Index (TSI).

At Qingdao Port, 62% Fe. 2% Al on a 5-day average basis fell 3.4% to $147.4 per dry ton while 63.5%/63% Fe fell 3.3% to $149.1 per dry ton.

China steel mills have ore stocks worth 25-30 days of consumption which is relatively high and hence the sluggish trade seen in markets, Reuters quoting traders said. China imports dropped to a four-month low of 56.42 mn tons in February due to Lunar New Year Holidays. As prices rose to 16 month high of $158.90, demand weakened, the report added.

Meanwhile, steel rebar futures at Shanghai Futures Exchange (SHFE) fell to three month lows on worries that China’s latest curbs on property purchases may dent demand for long steel used in construction.
The most traded rebar contract for October delivery on the Shanghai Futures Exchange has fallen sharply to 3928 Yuan per ton.


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