Iron ore weakens on slow buying, stable steel

摘要

Iron ore price weakened Tuesday on slow buying, while steel price stopped rising, providing less support to the rawmaterial.Australian iron ore fines 62% Fe declined by $0.5/t to $67.75/t CFR over a day, as the demand kept waning amidoutput limitations, aggravated by the recent temporary production cuts in Tangshan. “Steelmakers have sufficient ironore stocks at the moment, but the utilization rate of steelmaking equipment in North China is low, so there is no bignecessity to buy,” a Chinese analyst told Metal Expert.