From Reuters this afternoon as mining shares sell again:
“We are still getting calls from our clients seeking to buy cargoes. But the market is weak because of the imbalance between supply and demand, there’s still an oversupply of iron ore,” said a trader in Shanghai.
Prices for iron ore stocks sitting at Chinese ports have been dropping faster than that for fresh seaborne cargoes, he said, reflecting slow demand.
The price for Australian 61-percent grade Pilbara iron ore fines fell to 600-610 yuan a tonne on Tuesday from 650-660 yuan last week, he said. That translates to around $82-$83 a tonne, excluding taxes and port charges, lower than the $89 offer for a similar grade in the seaborne market, he said.
And here are the relative performance charts of miners updated:
