Spot iron ore prices picked up on Thursday due to improved buying from
China, but uncertainties over steel demand may curb further gains for the
steelmaking raw material,
Indian fines Fe 63.5/63 was offered at $148-150/MT & Australian Pilbara fines Fe 61.5 also extended gains this week,
with offers ranging between $144-146/MT i.e. up by $1-2/MT.
“China's social housing construction is still facing
financial constraints, therefore, support for real steel demand remains
uncertain. The government will continue to curb commercial housing, so
construction steel demand growth will not be large in 2012,” the China
Iron & Steel Association (CISA) said in a monthly report published on its
website.
Indian exporters expect a cut in export duty of low grade iron
ore in the Budget 2012 to be announce on 16th March i.e. tomorrow.
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