Iron ore prices have been moving down since the beginning of the week as trading activity has been limited and sentiments have worsened. Prices for iron ore with 62 percent Fe content have lost $0.4/mt over the day and $1.3/mt compared to late last week to $86.6/mt CFR. Fines with 65 percent Fe have been available at $94.2/mt CFR, $0.5/mt below Monday’s level.
There have been no transactions at trading platforms COREX and GlobalOre for the second straight day as customers have focused on purchases from ports, where prices have lost about RMB 5/mt ($0.7/mt) today. Iron ore futures at Dalian Commodity Exchange have dropped by RMB 11/mt ($1.6/mt) to RMB 622/mt ($88/mt) on Tuesday, October 29 mainly because of the limited trading activity and some steel production cuts. Average local billet price has also weakened and has lost RMB 9/mt ($1.3/mt) to RMB 3,423/mt ($485/mt) ex-warehouse, according to SteelOrbis data.
$1= RMB 7.063
