Spot iron ore prices picked up marginally as China returned
after a week-long holiday. However, market players are uncertain if the demand
would pick up strongly.
Offers for Fe 63.5/63 of India fines moved up by $1-2/MT to
reach $174-175/MT. whereas, offers for Australian 62% Newman fines remained
stable at $ 170-172/MT (CNF).
Shanghai rebar steel futures on Monday were also little
changed due to cautious trading from Chinese investors. The most-active January
rebar contract on the Shanghai Futures Exchange was up by 2 yuan at 4,341
yuan/MT. Shanghai Rebar had shed more than 11 percent in September, its biggest
monthly loss ever, shortly before China went on a week-long National Day
holiday.
“People are cautious about the market and are not sure
if steel prices can stay at current levels. Some traders are betting on the
steel and iron ore markets to bounce back after the Chinese holiday and some
don't think it will happen”, said a purchasing manager for an iron ore trading
firm in Shanghai.
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