The inevitable came to the fore with the iron ore price losing 1%. Over a week long silence was broken on expected lines. Mills withdrew from buying remaining contended with need based buying from stocks.
Tenders continued at lower levels and rebar futures were under pressure. Most of the mills have now largely completed the restocking process, obviating any pricing upside in Q4.
Noticeably finished steel price has lost over 1% during the course of the week taking the wings out of any revival in iron ore price.
Iron ore fines
FOB India
Source:
http://www.steelguru.com/raw_material_news/Monday_Market_Monitor_Iron_Ore_WEEK_48_Loosing_Steam/293880.html
