Iron ore prices in Chinese spot market continued to trade higher on rising steel futures and spot prices. Sources tell Steelmint that spot prices have moved up further by 20-30 Yuan looking at rise in domestic market.
“Chinese re-bar futures moved up to Yuan 3885/t and billet prices trade at Yuan 3300/t (Ex Tangshan). Spot 63.5/63 Fe fines reaches at $137-139/t CFR China. Market is bullish at the moment on improved economic data and low inventories at Chinese port.” said Mr Hudson, an iron ore trader based at Rizhao port, China.
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