Offers for spot Iron ore in China
dropped further on Thursday, with Indian fines Fe 63.5/63 at $145-$147/MT i.e.
down by $2/MT. Whereas, Australian 61.5-grade Pilbara fines reached $138-$140/MT
and Yandi fines at $126-$128, i.e. down by $1/MT
However, the most-active May
rebar contract on the Shanghai Futures Exchange hit a session peak of 4,319
yuan a tonne, just off Wednesday's three-month top of 4,321 yuan. It was up by 0.1
percent at 4,307 yuan by the midday break.
“We expect Chinese steel
traders to gradually and cautiously restock their steel inventories after the
Chinese New Year and prices are expected to rebound after the holiday since the
low-inventory mills will need to go back to the market”, said Chinese traders.
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