Spot iron ore price weakens as steel margins shrink

摘要

The 62% Fe Iron Ore Index fell $1.50/dry mt Monday to $122.25/dmt as shrinking steel margins depressed mill requirements and turned previously positive sentiment bearish. “The market is softening now. Steel margins are doing so poorly with billet dipping so much over the weekend,” a Guangzhou-based trader said. Spot billet in Tangshan fell Yuan 90/mt over the weekend to Yuan 3,100/mt ($492/mt) ex-stock, a steelmaker in the region said.