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Iron Ore (US$120-126/t cfr for MB spot 63.5% Fe fines) Chinese steel makers are requesting that suppliers postpone deliveries due to falling demand and tightening credit, although we would not be surprised to see credit restrictions in China ease to stimulate the economy. China ’s Ministry of Commerce has stated that prices of iron ore and steel products could fall further with domestic iron ore prices at around US$176/t at the end of September, down 12.4% from the previous month. Longer term however, many market participants remain bullish although forecast contract price increases for next year are being downgraded to 5-15%.
TTY Price at posting:
18.5¢ Sentiment: Hold Disclosure: Held
