Shanghai Steel at record low – Iron Ore at 3-year low

China , Iron ore , Steel Sep 05, 2012 No Comments

Steel foundryChina steel futures fell to an all-time low on Wednesday as poor demand in the world’s top steel market kept the pressure on prices, sending iron ore further below $90 a tonne to its weakest since October 2009.

The most-traded rebar for January delivery on the Shanghai Futures Exchange fell to as low as 3,218 yuan ($510) a tonne, its weakest level since the bourse launched rebar futures in 2009.

Rebar, or reinforcing steel bar that is used in construction, closed down 1.7 percent at 3,228 yuan. Rebar has dropped 4.8 percent over three sessions, the biggest three-day drop since October 2011.

Shanghai rebar is falling like there’s no tomorrow,” said an iron ore trader in Shanghai.

via Iron ore at weakest since 2009, Shanghai steel at record low | Reuters.

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Rod Sherkin

Rod is a former senior executive, responsible for Purchasing, for both Pillsbury and Ball Packaging back in the 80’s and 90’s. Since then, he has continued to work in the Purchasing field as both a consultant and founder of the website Propurchaser.com.

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