Wednesday, July 27,
Spot iron ore prices in China gained marginally on Wednesday with a rise in Shanghai rebar futures and tight supply from India.
Indian exporters offer Fe 63.5/63 at $184-185/MT i.e. up by $1-2/MT from the previous quotes.
According to traders based in China, “traders in China offered Fe 63.5/63 at $185/MT, including freight, for ndian fines yesterday, as steel prices have lent strong support for iron ore prices. And traders are receiving more bookings than steel mills over the past few weeks.”
“Miners are asking for high prices, forcing traders to sell at even higher prices to steel mills. But transactions have been slowing down as mills are reluctant to build up more stocks due to high costs,” said an iron ore trader in Beijing.
Shanghai rebar futures rose on Wednesday after the Shanghai Futures Exchange said it planned to cut trading fees for rebar contracts by nearly half from August, buoying investor confidence and expectations of increased liquidity.
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