Iron ore cools as mills frosty to higher prices

摘要

Iron ore demand cooled Thursday as mills shrank away from spot procurement. Platts assessed the 62% Fe Iron Ore Index down $1/dry mt on day to $62/dmt CFR North China. Buyers became wary as higher prices jeopardized margins. “”If prices go up too fast like they have, then it’s going to make mills hold back more and try to rely on their term volumes instead,” a procurement source for a northern Chinese mill said. “Buyers are very cautious at the moment,” a procurement source for an east China-based steelmaker agreed.