Thursday, March 31,
Spot iron ore market in China opened with a positive note and Shanghai steel rebar futures rose by 0.4% after Indian Railways said, it will impose a “busy season” charge of 7% on iron ore freight rates.* from April 1 to June 30 and from Oct. 1 to March 31, 2012.
Fe 63.5/63 Indian cargo was heard being quoted at $176-177/MT while iron ore indexes gained on the prospect of costlier freight charges for Indian cargoes.
According to traders in China, “”It looks like demand growth will be moderate. We still have a bit of an inventory hump to get over, which in the short term may cap steel prices, in particular in China and even cause a lull in iron ore demand in the next three to six months, but it’s temporary.”
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