Stable steel quotes support iron ore price

摘要

Iron ore stabilized on Tuesday as it was expected thanks to frm steel prices, following a spectacular decline over the previous several days.Australian iron ore fnes 62% Fe remained at $89/t CFR though its futures on the DCE sagged by RMB 11/t ($1.6/t) during the day on pessimistic market moods. The raw material gained some support from steel tags that managed to sustain on anticipated output reduction and better expectations for rebar segment. October rebar futures on the SHFE and Tangshan billet stayed at Monday level.