iBlackmores Daily
Ferrous metals to bottom out
Ferrous metals have been lackluster this week as Beijing only announced cuts to property deed taxes and VAT, no further polices on land reserves and the purchase of commercial housing stock were announced. The market stayed weak.
The spot iron ore was weak today due to the negative sentiment, down by Rmb10-15/ton. Shandong PB price traded at Rmb750/ton, causing physical traders reluctant to sell.
Some market participants think the market could bottom out amid the recent destocking of steel products. Prices could rebound as the winter stocking approaches.
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