Iron ore prices for Fe 62% fines have increased sharply today by about USD 3/MT D-o-D to USD 73/MT CFR, China .
One week ago assessment was USD 67MT CFR, China and month ago prices was USD 63/MT CFR, China.
On monthly average basis average price has gone up by USD 10 (16%) to USD 71/MT, CFR for Nov’17 compared to USD 61/MT in Oct’17.
Chinese iron & steel futures have hit three months high following govt. Order of production cut. Buying interest for steel raw materials continued to intensify as end-users in China looked to secure material for their blast furnaces.
The iron ore demand is strongly supported by Chinese steel mills, as they are heading towards stocking of materials to enhance the productions once the normal production is resumed after mid- march. Besides, the curbing of production in various Chinese mills has resulted in shortage of rebar products affecting its prices.
The rise in prices of iron ore is owing to the stronger steel prices. The HRC export offers depicted a rise in prices by USD 15/MT to USD 560/MT FOB China, as against USD 545/MT a month before on 4th Nov.
Also the rebar export offers witnessed a hike and stood at USD 557/MT, FOB China as of 4th Dec as compared to prices a week before which stood at USD 523/MT, FoB.
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