Wednesday, July 13,
Spot iron ore prices in China remain firm as traders show keen interest in restocking the raw material amid rising prices of re-bar futures.
Offers for Fe 63.5/63 of Indian cargo lie at $181-182/MT, i.e. up by $1-2/MT from Tuesday. Spot offers for Australian 62-grade Newman fines also rose by a dollar to reach $177-$179/MT
The Shanghai rebar futures have reached their two months high indicating that firm demand would continue to lift China’s steel production after hitting a record daily rate in June.
The most-active October rebar contract on the Shanghai Futures Exchange rose as high as 4,894 yuan/MT, a level not seen since May 5.
The Iron ore forward swap market also witnessed sharp gains with all swap contracts gaining more than $2 each and it reflects investor’s optimism about spot prices retaining the recent gains.
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