China: Spot Iron Ore Fines Index Fall to 4 Months Low
Chinese spot iron ore prices dropped today to USD 88.5/MT, CFR China, as on 13th Aug’19. The prices fell as against USD 95/MT, CFR China towards closing of last weekend. The drop is attributed to reduced demand, increased supply and lowered construction activities in China. Few Chinese mills have reached breakeven levels and hence, are moving ahead to limit production.
Vale, world’s largest iron ore miner resumed its Brucutu mines and Vargem Grande Complex easing global supply concerns. The spot iron ore prices have dropped to 4- months low levels as the prices were last seen towards early April.
As per data compiled by SteelHome consultancy, ron ore inventory at major Chinese ports increased to 122.5MnT as on 9th Aug as compared to 121.05 MnT a week ago.
Dalian iron ore future fell for the day
Dalian iron ore futures for January dropped by around 0.9% to 620 yuan/MT.
source: SteelMint
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