Iron ore retreated to the lowest level since 2012, capping a fourth weekly loss and nearing $100 a ton, as increased seaborne supplies of the steel-making raw material boosted a global glut, Bloomberg News reported. Ore with 62 percent content delivered to the Chinese port of Tianjin fell 1 percent to $102.70 a dry ton, the lowest level since September 2012, according to data from The Steel Index Ltd. The commodity dropped 23 percent this year, after falling 7.4 percent last year.
The steel billet cash price held steady on the LME at $390.00 per metric ton. The steel billet 3-month price continues hovering around $400.00 per metric ton on the LME for the fifth day in a row.
Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.68) and a low price of CNY 830.00 ($133.08) per dry metric ton. For the fifth day in a row, the price of Chinese HRC remained essentially flat at CNY 3,360 ($538.73) per metric ton. For the fifth consecutive day, the price of Chinese coking coal held flat at CNY 1,390 ($222.87) per metric ton.
The 3-month price of the US HRC futures contract held steady around $637.00 per short ton. The US HRC futures contract spot price remained essentially flat at $684.00 per short ton.