A bad day for Qingdao spot despite paper markets still chewing through shorts. Tianjin benchmark did better up 30 cents to $50. Rebar is becalmed. Dalian closed up two and is up one more this morning. Reuters has texture:
Chinese iron ore futures edged higher on Thursday, but weak buying interest in top consumer China and a well-supplied market are likely to pressure prices as Goldman Sachs predicts global demand peaking next year.
…”I think what we’re seeing is a small wave of rebound. The iron ore price will fall again because supply is still so big and China’s steel market is far from hot,” said an iron ore trader in China’s eastern Shandong province.
