Global iron ore prices are assessed at USD 83.5/MT, CFR China on 16th Jan’17. Prices sharply moved up by USD 3/MT in a day owing to gain in ferrous market.
Since last week Chinese mills were pre-stocking the raw material ahead of weeklong Chinese New Year Holidays from 27 January.
Today, ferrous futures rose across as there was pollution alert announced in Hebei, one of the major steel producing province.
Dalian Commodity Exchange witnessed at 650 Yuan (USD 94/MT), up by 13.50 Yuan (USD 2/MT).
Spot billet process also rose RMB 80/MT (USD 11.5/MT) while spot rebar prices in Beijing gained RMB 105/MT (USD 15.2/MT).
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