Thursday, April 07,
Spot iron ore prices edged higher followed by a jump of 2% in Shanghai rebar futures as Chinese buyers returned from a two-day holiday.*
Sellers have raised offers hoping that Chinese steel mills would continue with their stockpiling activities.
Fe 63.5/63 of Indian cargo is heard being quoted at $184-185/MT.
Construction activity in China normally resumes in April after the winter break, giving Chinese steel mills opportunity to offload their product stockpiles.
According to traders, “The general view about China’s steel demand is still positive. Government raised interest rates but the latest one was within expectations, so this is not a very big bad news for the market. People still think these markets will keep going up”
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