Global iron ore prices moved marginally up amid a low activity in the physical market. The slow trade was considered to be the result of financial control measures taken by a leading bank in China which may affect the money supply adversely. Some participants viewed the low activity as a cyclic and normal event in a day-to-day business.
Some participants think there was a feeling of uncertainty over the environmental ban that too might have caused to hold the purchases by manufactures.
Billet
Billet traded at 3,280 Yuan (USD 474/MT) including VAT in Tangshan, down 30 Yuan (USD 4/MT) from Wednesday.
Dalian Commodity Exchange
The most-traded May iron ore futures contract closed at 726.50 Yuan (USD 105/MT) on Thursday, up 2 Yuan (USD 0.30/MT) from Wednesday’s closing price.
Shanghai Futures Exchange
The most-traded May rebar futures contract closed at 3,625 Yuan (USD 524/MT)on Thursday, down 16 Yuan (USD 2/MT) from Wednesday’s closing price.
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