io price, page-343

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RIO LON Down -0.60%
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Platts spot price 62%Fe Down 90 cents now $96.60/dmt US

PLatts Spot Price 62%Fe Down $1.53 now $102.79/dmt AUD


China's iron ore futures slid as much as 2.2 per cent today, pressured anew by plentiful supply of the raw material as steel producers kept on unloading excess cargoes back into the market. Prices touched seven-week highs earlier this week, backed by similar gains in steel futures on hopes increased infrastructure spending in China would spur demand. But traders say supply continues to outstrip demand amid a weak Chinese property market. Chinese rebar steel futures dropped more than 1 per cent. "Most of the supply is not coming from traders but from medium-sized to big mills which are reselling cargoes back into the market for a quick profit," said an iron ore trader in Shanghai who was offering around four capesize ship cargoes from mills. Chinese steel mills, the world's biggest buyers of iron ore, have been paring back on their long-term supply contracts with miners and opting to buy cheaper spot cargoes as prices fell more than a quarter this year. Iron ore for September delivery on the Dalian Commodity Exchange was down 1.8 per cent at 699 yuan ($US110) a tonne by midday after falling to as low as 696 yuan, its weakest since July 7. The contract is on course for a third weekly decline. Chinese Premier Li Keqiang said economic growth of slightly more or less than 7.5 per cent this year would be acceptable as long it still led to new jobs and higher wages, the official Xinhua news agency reported late on Thursday.

Read more: http://www.smh.com.au/business/markets-live/markets-live -asx-defies-global-gloom-20140718-3c4xs.html#ixzz37rzSU1oA

http://www.bloomberg.com/news/2014-07-18/u-s-stocks-climb-for-week-as-earnings-outweigh-crises.html