Highest inventories in 13 years at Chinese ports halted the iron ore future markets in the largest iron ore consuming country of the world resulting in inadequate inquiries from buyers. More disruptions were added by the worries over the announcement by US Federal Reserve head regarding the intended interest rate hikes.
However few participants are hopeful that the rally will continue till first half of the year as rebar prices are constantly helping mills make profit to keep the demand for the higher grade material ongoing.
Billet
Billet was traded at 3,100 Yuan (USD 450/MT) including VAT in Tangshan, down 100 Yuan (USD 14.50/MT) from last Friday.
Dalian Commodity Exchange
Most-traded May contract 661 Yuan (USD 95.80/MT) down 27 Yuan (USD 4/MT)
Shanghai Futures Exchange
The most-traded May rebar futures contract closed at 3,467 Yuan (USD 503/MT) today, down 99 Yuan (USD 14.50/MT) from last Friday’s closing price.
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