Spot prices in China continued to be firm as steel mills are
replenishing stockpiles for production during the holiday season, encouraging
miners to keep their prices firm over the week.
Offers for Indian fines Fe 63.5/63 stays at $142-144/MT, Australia's
61.5 percent Pilbara fines was also quoted same as $135-138/MT (CNF).
“My feeling is that this round of price rise can be sustained before the New Year, but I can't say for sure after the
holiday. As long as steel mills don't cut production, there will be no downward
side for iron ore prices, but if steel prices fall, we won't see any sustainable
gains in iron ore prices”, said an iron ore trader in Shandong province.
The most active rebar futures on the Shanghai Futures Exchange
hit a more than three-week high of 4,222 yuan ($670) per tonne on Friday, i.e. up
by 1.2 % this week.
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