The global iron ore prices have retained its strength since yesterday’s close. The prices moved slightly up by USD 0.5/MT at USD 64.7/MT against USD 64.2/MT on Wednesday for grade Fe (62%), CFR China.
An Indian importer explained that, “due the current high volatility in the market everybody is in the wait-and-watch mode to avoid any risk, with almost nil inquiries, buyers and importers are reluctant to place any bookings. Some stability is expected by mid May though further price fall is anticipated.”
The upward expedition of the global iron ore prices is interrupted by the record high inventories at Chinese ports. The excess supply is still a matter of concern in respect to falling prices, turning the market unpredictable; with widen uncertainty it has resulted in restricted orders both locally and from importers like India and others.
Dalian Commodity Exchange
Iron ore futures contract closed at 488.50 Yuan (USD 71/MT) up 8.50 Yuan (USD 1.20/MT) from Wednesday’s closing price.
Billet
Billet traded at 2,690 Yuan (USD 391/MT) including VAT in Tangshan, down 30 Yuan (USD 4.40/MT) from Wednesday.
Shanghai Futures Exchange
The most-traded October rebar futures contract closed at 2,889 Yuan (USD 420/MT) on Thursday, up 37 Yuan (USD 6.80/MT) from Wednesday.
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