Iron ore markets have gone down again, falling after three days of strong gains. The price of iron ore with 62% iron content fell 2.06% to $ 64.05 per tonne, and with 58% iron ore fell 1.15% to $ 44.69 per tonne, while Brazilian ore fell from 65% iron content reversed this trend with an increase of 0.12%.
The weakness in the iron ore market emerged despite continued gains in the Chinese steel markets. “Billet price has risen to a five-year high after a steady growth rate over the past few days, pushing rebar prices,” market participants say. "Trading activity has dropped due to expectations among buyers that prices are likely to fall soon due to seasonally weak demand."
This could explain the bias seen in Chinese rebar, iron ore and coking coal futures during the Wednesday and Thursday session, with all contracts closing at their highs earlier in the day.
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