The downtrend in the iron ore market has continued on Monday, November 11, after prices dropped to their lowest level since January last Friday. Prices for iron ore fines with 62 percent Fe content have lost another $1.5/mt today, coming to $78.2/mt CFR. Moreover, Brazilian fines with 65 percent Fe content are at $86.2/mt CFR, down $1.8/mt from last Friday.
A deal for 170,000 mt of Brazilian blended fines with 62 percent Fe has been done at $78.3/mt CFR for shipment during December 4-13. Prices for Australian iron ore at Chinese ports have lost RMB 15/mt ($2.1/mt) again today, while overall trading has been subdued. “Mills have stocks and can wait. Prices are going down fast,” a trader said.
Iron ore futures at Dalian Commodity Exchange have declined by RMB 14.5/mt ($2.1/mt) to RMB 591.5/mt ($84.6/mt) on Monday, adding to the bearish mood in the market.
Moreover, sentiments in the steel market have worsened. Rebar futures at the Shanghai Futures Exchange have lost RMB 39/mt ($5.6/mt) on Monday, coming to RMB 3,373/mt ($482/mt).
