Import iron ore prices in China have posted a decline today, July 30, falling below $100/mt CFR again. After the rebound last Friday, sentiments have worsened this week due to weak steel demand, rising inventories of iron ore at ports and the negative outlook.
Iron ore fines with 62 percent Fe content have declined by $2.5/mt on July 30 to $98.6/mt CFR, while Brazilian iron ore with 65 percent Fe content has lost $2.75/mt to $114.5/mt CFR, SteelOrbis has learned.
At the Corex platform, 22 deals for a total of 213,000 mt of iron ore were signed on July 30, including 10,000 mt of 63.11 percent fines transacted at RMB 765/mt ($107/mt) at ports.
Weak demand, as more mills have been announcing maintenance works for August, and falling futures prices have been behind the resumption of the fall in iron ore prices. Futures at Dalian Commodity Exchange have lost 2.77 percent today to RMB 756/mt. “I think iron ore should remain at below $100/mt CFR for a longer time. Mills are incurring losses. The rebar sell-off continues. There is no support,” a local source said.