Iron ore prices continued to retreat on Thursday February 21, with Chinese steelmakers cautious about high costs.Mills in China have kept making efforts to reduce iron ore costs given the apparent lack of improvement in the steel markets and the recent pick up in coke prices.Current iron ore prices are “too high” and eating into margins, steelmaker sources said, so mills have been avoiding seaborne cargoes, especially those priced at a premium.Premiums for index-linked seaborne shipments have weakened, however, with a March Capesize cargo of Pilbara Blend fines traded at a premium of $2.15 per tonne on Thursday, down from $2.60 per tonne a week earlier.
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