Friday, December 03,
A key iron ore index remained firm for a third consecutive day after hitting a more than six-month high, with investors expecting prices to edge higher in coming months.
The Steel Index stood steady at $167.8 per tonne, cost and freight, on Thursday as iron ore miners tightened supply to support prices, although steel mills have been reluctant to make forward bookings in large quantities.
Since the index rose 8 percent in September-November from the previous three-month period, suggesting higher term prices in the first quarter between top miners and steel mills, investors are looking at further rises for forward trades.
Prices of forward swaps cleared by the Singapore Exchange moved up on Thursday, with January up by $1.50 at $162.50 per tonne and February up by $1.62 to reach at $161.12. March contract also rose by $1.50 to reach 159.75 per tonne.
Source: Reuters
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