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Northern Chinese steel mills news weighs Iron Ore market

News of northern Chinese steel mills shuttering furnaces continues to circulate in the iron ore market, as well as dominating talk at the conference still going on in Shanghai, wearing heavily on sentiment, as per the Steel Index.

An Australian miner held a tender for 61% Fe-basis PB Fines by tender which came in around half a dollar lower than last.

The COREX platform saw two offers for the same product at 46.75 and 47.8, as well as 60.8% Fe MAC Fines at 45.75. PB Fines on a 62% Fe basis were meanwhile offered on globalORE for December delivery at 49 and 48.5.

In China, iron ore port stock prices lost RMB 5/t in Tangshan. DCE iron ore futures rose 1.45%, and SHFE rebar futures lost 0.45%. Spot rebar in Beijing fell RMB10/t.

All prices US$/dmt CFR China unless stated otherwise.

Source:scrap register

Zhejiang Yaang Pipe Industry Co., Limited (www.yaang.com)

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