From Platts today:
Market participants said it was hardly surprising that spot iron ore prices had softened once again as the previous uptick was not supported by fundamentals.
“Demand from mills and traders is actually still pretty weak, while supply remains massive,” a Beijing-based trader said. “Under such circumstances, any uptrend can only be said to be temporal and sentiment-backed, and we already expected it to end quickly, as it did. Now buyers see prices weakening again and they’re waiting for even softer levels to start procuring at again.”
