Iron ore market sentiment remained poor during last week. An offer was made for 62% Fe PB fines for August delivery over the globalORE platform at 55, which saw a best bid of just 51.
According to The Steel Index, a prompt cargo of 62% MNP fines was offered at the same level. Australian Yandi Fines on a 58% Fe basis were offered on the platform at 52.5 for August delivery and bid at 47.
A Brazilian miner held a tender for 64.82% Fe fines which concluded just above 62. In China, traders lowered their offers for port stock material by RMB 5-10/wmt.
Iron ore futures fell 1.45%, though SHFE rebar futures were up marginally (+0.33%).
Steel prices continued their descent, with rebar in major cities off by another RMB 10-20/t and billet prices in Tangshan losing RMB 20/t.