Global iron ore prices regained little strength compared to yesterday’s prices and closed at USD 86/MT today amid uncertainty. There were few takers for seaborne cargo as there is an increased supply of Indian pellets and higher output of domestic pellet-making concentrate in China, which is available in lesser prices. However iron ore prices stepped up on Thursday due to slight improvement in trading activity.
In spite of steered up environment buyers are reluctant on striking any deal due the fear of losses if prices fall further.
Billet
Billet traded at 3,210 Yuan (USD 465/MT) including VAT, up 20 Yuan (USD 3/MT) from Wednesday.
Dalian Commodity Exchange
Closed at 580.50 Yuan (USD 84/MT) down by 3.50 Yuan (USD 0.50/MT) form previous close.
Shanghai Futures Exchange
Rebar futures contract closed at 3,127 Yuan (USD 453/MT) up 10 Yuan (USD 1.50/MT) from yesterday’s closing price.
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