Iron ore falls further on bearish steel sentiment

摘要

Spot iron ore prices fell for a fourthstraight day Friday as weaker steel pricingdried up demand in an offer-heavy market.Platts 62% Fe IODEX slipped $1.15/dry mt to$56.20/dmt CFR North China.Bearishness was biting into steel — afterthe incredible rises seen last weekend andearlier this week — as mills cut prices tostimulate demand. Spot prices of square billetin Tangshan slumped Yuan 120/mt to Yuan1,900/mt ($292.74/mt) ex-stock. Rebar futuresdropped sharply Friday, with the most activelytraded May contract in Shanghai last trading atYuan 2,085/mt ($321.24/mt), down Yuan 45/mt,and settling at Yuan 2,108/mt, down Yuan 39/mt day on day.