Monday, March 21,
Chinese Government on Friday again raised banks’ required reserves,.* the latest installment in its monetary tightening cycle that many had thought would be put on hold after Japan’s devastating earthquake.
Fe 63.5/63 of Indian cargo is being quoted at $ 170/Mt on CNF basis.
According to some traders, “It’s getting more and more difficult to get a loan from the bank. This will definitely impact the market”
Shanghai steel rebar futures fell more than 1 percent on Monday after China further tightened the amount of funds banks can lend and on demand uncertainty.
“The rise in steel prices last week was pushed by traders, not end-users. We haven’t really seen much cargo from our suppliers,” said an iron ore trader in China’s eastern Shandong province.
“We need to wait and see whether real demand will pick up or not this week. This is quite essential to determine which direction the iron ore market will go.”
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