Spot iron ore prices in China moved up marginally with
offers for Indian fines Fe 63.5/63 touching $ 139-140/MT, i.e. up by $ 1/MT.
Offers for Australia's Newman fines also move up by $1/MT to
reach $135-137/MT.
“We have seen some stability since yesterday, and the
level of $130 per tonne is believed to be a turning point for the downward
market, though market fundamentals haven't improved,” said Xu Guangjian,
iron ore researcher of the consultancy.
Australian iron ore miners have lifted shipments to China
after steel mills in begun to show some buying interest in the beginning of the
week. However, slackening steel demand & excess supply may limit the gain
in prices.
“Prices of iron ore sitting at ports are still falling
but supply is rising, and now it has to take around 15 days to unload the
cargo, so the recovery could be limited,” said a Chinese trader.
The benchmark steel rebar contract for May delivery on the
Shanghai Futures Exchange was almost flat at 4,172 yuan ($660)/MT on Tuesday
compared with the previous close.
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