Tuesday, 19 July,
Spot iron ore prices in China remain steady after the recent gains as buyers are doubtful on the sustainability of the recent hikes.
Spot offers for Fe 63.5/63 of Indian fines remained at $182-$184/MT i.e. same as yesterday’s quotes. Australian 62-grade Newman fines were also quoted same as $179-$181/MT
Rebar futures in Shanghai have rebounded on Monday to hit their highest level since May on expectations that China’s drive to boost low-cost housing units will lift demand for construction steel in the second half of 2011.
According to Iron ore traders based in China, “I am worried it’s too early to be optimistic. The season for strong steel consumption hasn’t come yet and the rise in steel prices does not seem solid amid tighter liquidity. Steel mills have built too much stocks over the past two weeks, so iron ore prices in the short term are still uncertain.”
Leave a Reply