Here are the iron ore charts for March 3, 2015:
Spot weakened with benchmark falling 0.8% to $62.30. Paper was firmer though not strong. Rebar average slid to its recent low and CISA released its steel production data for mid-February which, as you can see, is running at almost 2011 levels. This was the holiday period so the next few periods into late February and early March will tell us lot about the extent of weakness in underlying demand.
“I heard some mills are expecting prices to fall further this month so they are looking at prompt cargo,” said a Shanghai-based iron ore trader.
