Wednesday, July 06,
Iron ore prices in the physical market extended gains on rise in re-bar & billet prices in China.
Offers for Indian 63.5-63-grade iron ore fines reached $178-$180/MT yesterday evening on some restocking activities from steel mills.
According to traders in China, “Some steel mills increased buying this week when they saw rebar and billet prices rising, and we have been receiving some enquiries from mills”
Shanghai steel re-bar futures hovered at their highest in about three weeks, as investors remained upbeat on demand from the construction of low-cost housing in the second half of the year. October rebar futures rose by 0.17 percent to reach 4,803 yuan ($742.5)/MT from the previous close.
According to Analysts, “Construction of affordable housing will kick off widely in the months ahead as the government orders construction starts before November, lending hope to investors that steel demand will improve significantly in the third quarter”
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