<span>Quotations of iron ore keep moving down in China, as steelmakers manage to get offers reduced every day amid supply exceeding demand. <br> Falling prices for finished steel is the main reason for the downward trend in the raw material segment. Rebar and wire rod have lost $20/t compared to the last week levels. Chinese steelmakers see no point in additional purchases of the material because they cannot sell finished products well and due to tougher monetary policy. Although on Friday futures contract price for rebar was RMB 4,339/t (+1% to results on September 29), on the whole, in September prices for the product decreased by 11% m-o-m. <br> Exporters failed to slow down the decrease in iron ore prices, so quotations of Indian 63.5% Fe ore fines have dropped by $6/t, to $179/t C&F northern ports of China this week. Yet, despite reductions, suppliers have not been able to attract consumers, who prefer to see prices hit the bottom and then sign contracts. <br> Indian producer KIOCL has cancelled its Thursday tender, since the parties failed to agree on the price. KIOCL refused to sell at below $175/t FOB, while the highest bid was $168.85/t FOB, traders report. The company was selling 2 lots (50,000 t each) of 63% Fe pellets, October shipment. <br> Seeing quotations of Indian material falling, Australian exporters have also announced discounts. Thus, offers of Australian Newman 63% Fe ore fines and Pilbara 61.5% Fe material have slid to $172-174/t C&F Qingdao (down $7/t w-o-w) and $168-170/t C&F Qingdao (down $7/t w-o-w), respectively. A batch of Yandi 58% Fe ore fines has reportedly been sold at $149-150/t C&F (-$6/t). <br> Sporadic transactions do not influence market prices; thus, suppliers realize the trend will not reverse in the next couple of weeks unless demand for finished steel improves. Whereas earlier traders hoped to recoup September losses in mid-October (after the holidays), now they doubt the increase is possible on unclear outlook in the finished product market. It is possible that steelmakers will keep reducing prices even after the holidays to at least maintain sales at the current level, which will affect iron ore quotations as well. <br> </span><span>( Source: <a href="http://www.metalexpert-group.com/" target="_blank"> <span><font size="3" face="Times New Roman">www.metalexpert-group.com</font></span></a> )<span dir="rtl" lang="FA"><span> </span></span></span>