Monday, October 11,
Reopening of small steel mills in Hebei province and increasing demand of Iron ore for pre-winter restocking have triggered the spot Iron ore prices. CNF prices of 63.5/63 cargo of Indian fines were pegged within the range of $154-157/MT. Platts 62Fe index also rose by $2 to $147/dmt.
The upbeat sentiment in the market was reflected in the Shanghai steel futures too as it continued the bull run seen last Friday and went up by almost 2% trading at 4355 RMB for Oct. contract. Swap price remained firm last Friday with Q1 trading at $142 and October contract at $145.
With the revival in market, it is believed that more buying interest could be seen in the week ahead as Steel mills have started to replenish their stock after the week-long break. But as far as the prices are concerned, it will depend on how the steel prices move.
Leave a Reply