The price downtrend has continued in the iron ore market today, Monday, October 21, due to cautious buying and the bearish outlook for demand in November. Prices for iron ore fines with 62 percent of Fe content have lost $1/mt to $85/mt CFR, while Brazilian fines with 65 percent Fe content have declined by $0.5/mt to $93/mt CFR.
Rio Tinto has today closed a tender for 170,000 mt of Pilbara fines with 61 percent Fe content at $83.68/mt CFR for November shipment. The price corresponds to $85/mt CFR for iron ore fines with 62 percent Fe. Overall demand has been limited in the Chinese market, sources said, as mills are not going to actively replenish stocks, seeing slower steel demand in the local market and falling margins.
Average local billet prices in China have softened by RMB 17/mt ($2.4/mt) since Friday to RMB 3,408/mt ($482/mt) ex-warehouse, according to SteelOrbis’ data.
$1 = RMB 7.07
