Saturday, July 16,
Spot iron ore prices in China continued to move up this week on restocking activities from traders and steel mills.
Highlights of the week:
* Fe 63.5/63 of Indian fines were quoted at $182-183/MT i.e. up by $2-3/MT from the previous week.
* Offers for Australian 62-grade Newman iron ore fines remained firm at $178-$180/MT i.e. up by $1-2/MT from the previous week
* Iron ore stockpiles at main Chinese ports increased to 94.04 million tonnes on Friday, compared with 93.65 million tonnes a week earlier
According to Traders, “The spot market is likely to be stable next week since steelmakers have almost finished restocking. Besides, steel prices could hardly advance higher next week, and there are too many iron ore inventories at ports”
Whereas, analysts say, “Traders with cargoes at hand remain bearish. They mostly took positions at more than $180 CRF, and are not eager to sell. Going forward, prices may gradually edge up to $185 CRF”
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