Spot iron ore prices moved up further on restocking activities
by Chinese steel mills while falling steel prices might limit the recovery seen
in Iron ore prices.
Offers for Indian fines Fe 63.5/63 reached $ 142-144/MT,
whereas Australia's 61.5 percent Pilbara fines was being offered at $135-138/MT
(CNF) i.e. up by $2/MT.
“We remain cautious about the market outlook in the
near future. Some mills are buying materials, but this won't be able to last for
long,” said an iron ore trader in Shanghai.
The most active rebar futures on the Shanghai Futures
Exchange traded flat at 4,183 yuan ($660/MT) on Thursday from the previous
close.
“Spot deals (for iron ore) are picking up, but I see no
big ups or downs in iron ore prices by the year-end,” said an iron ore
trader in Beijing.
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