Spot iron ore prices in China
remains steady on Monday reflecting firm demand outlook which is expected to support
prices of iron ore in the short term.
Rebar futures on the Shanghai
Futures Exchange also remained flat at 4,814 yuan /MT after falling 1 percent
in the past two trading days.
Offers for Fe 63.5/63 of Indian
fines remains unchaged at $186/MT & that for Australian Newman 62-percent grade
fines remain at $181-$183/MT.
Strong steel demand in China's
construction sector has propped up rebar prices, encouraging mills to buy more
iron ore. Iron ore purchases are also likely to extend this week with China's
steel output expected to stay strong.
“Demand for Australia's iron
ore is likely to hold up as long as steel demand in China remains robust and
supply from India remains tight. We currently see a supportive environment for
iron ore pricing,” said a Chinese Trader.
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