Suspended purchases over the weekend slowed down the activity in the Chinese market. Some quickening was experience during the day but iron ore prices settled down little lower than yesterday at USD 92/MT at the end of the day due to the diminishing demand for the day as buying is postponed by some manufactures.
Participants think that it was due to the weekend the activity slowed down. Some believe that iron ore prices have chances of moving up as the inventories are lowering.
Billet
Billet traded at 3,280 Yuan (USD 475/MT) including VAT, at 3pm.
Dalian Commodity Exchange
Closed at 715.50 Yuan (USD 104/MT) Change from previous close: down 11 Yuan (USD 1.60/MT)
Shanghai Futures Exchange
The most-traded May rebar futures contract closed at 3,575 Yuan (USD 518/MT) on Friday, down 50 Yuan (USD 7/MT) from Thursday’s closing price.
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