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Spot iron ore prices dip to US$164~US$166/ton C&F

It’s reported that the spot iron ore prices have continued dipping recently. At present, the spot prices of Indian iron ore fines contain 63.5% Fe have dropped to US$164~US$166/ton C&F, down by US$3/ton in comparison of US$167~US$169/ton C&F in previous quote.

Meanwhile, the current spot iron prices are US$3~US$4/ton lower than the future prices of iron ore.

Similarly, spot iron ore prices in the world top consumer China continued to fall on Tuesday, dragging down key indexes to more than 13-month lows.

Also, Shanghai rebar futures tumbled to a fresh contract low on demand concerns.

Shanghai most-active January rebar futures hit a fresh contract low at RMB4, 112/ton on Tuesday before ending 1% lower by the midday close.

An iron ore trader in the coastal city of Dalian said that the overall market is in panic as small mills started to shut down some blast furnaces, while big ones are relying on their existing iron ore inventories and reduced buying.

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