Spot iron ore price expected to move upward in coming week as the buying interest of traders is looking strong which supported by steel demand from top consumers in china.
Sea borne Iron ore price traded between $137-138 for Fe 63.5/63 CFR China last week. SteelMint assess that spot Iron ore prices on Monday for Fe63.5/63 is firm at $138 CFR China.
Spot Iron ore price corrected by $5 in last two weeks now expected to increase as steel mills are in hurry to purchase before the iron ore price increased. Iron ore price expected to cross $140 mark in the month of September.
Shanghai steel rebar futures hits 1 1/2 week high on Monday amid of high sentiments and hope for growth in China economy.
Manufacturing activity in china is at four month high in august as the government is trying to bounce back the economy though investment in rail, road & infrastructure.
Imports of Iron ore in India is increasing as the domestic industry is facing shortage of Iron ore due to ban and limited supply of iron ore from various states.
An iron ore miner sold 100,000 MT of Yandi fines Fe 58% at USD 129.6/MT to CBMX and 165,000 MT Laps Fe 58% at USD 131/MT to Global ore
An Iron ore miners at Shandong port sold Fe61% PB Fines at RMB 930/MT
Billet EXW price dropped by 10 RMB i.e. RMB 3150/MT
Leave a Reply