Monday, July 18,
Spot iron ore in China opens firm in the third week of July as steel futures continue to rise.
The Chinese steel futures rose more than 1 percent to their highest in more than two months on Monday, as demand for long steel products remained solid amid a busier construction sector.
The price of rebar, mainly used for construction, could continue to track higher in the next few weeks, as China accelerates construction of affordable housing units to ease asset prices and boost infrastructure in western regions.
Spot offers for Fe 63.5/63 of Indian fines remained firm at $182-184/MT. Quotes for Australian 62-grade Newman iron ore fines rose by a dollar from Friday to reach $179-181/MT
According to traders, “Chinese steel mills might continue to restock iron ore this week while steel prices perform very well and this is expected to keep iron ore prices firm”
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