Similar to October, this mild uptick in economic conditions was
not felt in the iron ore market, where prices dropped sharply again
in November and are now at historic lows.
The 62% Fe price is down
14% m/m, while the 58% Fe premium price is down 15% m/m.
Iron ore
production in China is still being cut and was down 7% y/y in October,
although the pace of contraction has eased a little from the 9% y/y drop
in the first nine months of the year.
Imports have been stable and were
down 0.5% y/y in the year to October 2015, as international suppliers
continue to gain market share.
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