Iron ore prices have continued to go down fast as overall demand has weakened, signaling that customers are waiting for a further drop in raw material prices. Moreover, the steel market has posted a visible decrease today, August 27, weighing on iron ore. Prices for Australian fines with 62 Fe content have gone down by $2.5/mt to $82/mt CFR today, while prices for Brazilian iron ore with 62 Fe content have dropped by $2/mt to $91.5/mt CFR.
There have been no deals registered at trading platforms today. Most customers have been reluctant to purchase in the falling market. Iron ore futures prices have closed at RMB 586/mt at Dalian Commodity Exchange, which is RMB 18.5/mt ($2.6/mt) down from the yesterday’s settled price.
Moreover, steel prices have posted a drop with futures prices at Shanghai Future Exchange losing as much as RMB 126/mt ($18/mt) over the day, coming to RMB 3281/mt ($463/mt). In the physical market, the average rebar price in China has slipped by RMB 40/mt ($5.6/mt) on August 27.
