China: Spot Iron Ore Prices Falls by USD 8 on Weaker Steel Prices

Chinese spot iron ore prices decreased sharply today to USD 114.25/MT, CFR China. The prices are down significantly by 7% D-o-D against USD 122.3/MT, CFR China yesterday.

On weekly basis spot iron ore prices are down by USD 4/MT against USD 118/MT, CFR China last week. As per the reports iron ore prices are down drastically owing to rise selling pressure with major iron ore miners to offload cargoes along with fall in steel prices in China's domestic market.

Chinese domestic billet prices in Tangshan moved down to RMB 3,620/MT (including tax) against RMB 3,670/MT in the beginning of this week.

Iron ore inventory at Chinese major ports up against last week - Iron ore inventory at 47 main Chinese ports was 115.60 million tons as of July 5, 2019, up 0.35 MnT from last weekend, as per data maintained by SteelHome.