Iron ore prices in China were down at USD 91/MT as no significant buying was reported by the manufactures though the confidence was noticed for the day. Deals were average due to lower steel prices and futures.
Affirmation for the upgrade in prices was seen as sellers have still not lowered the prices to the level that will have larger impact to stimulate the market in near future, moreover the investment in infra projects will sustain the rally for a longer term some participants believe.
Billet
Billet was traded at 3,220 Yuan (USD 469/MT) including VAT in Tangshan, unchanged from Tuesday.
Rebar
China rebar prices were up today. Assertion for higher demand thereby raised prices made one of the key manufactures to increase the prices twice pushing the spot market sentiments. The month of March is considered an important month for increased construction work due to the favorable weather conditions making participants hopeful for the rebar prices upward trend.
Rebar prices in east China were at 3,630-3,660 Yuan (USD 528-533/MT) on Feb 28, 60 Yuan (USD 8.70/MT) higher form last reported on 20th Feb.
Dalian Commodity Exchange
The most-traded May iron ore futures contract closed at 698 Yuan (USD 101.60/MT) on Wednesday, up 7.50 Yuan (USD 1.10/MT) from the day earlier.
Shanghai Futures Exchange
The most-traded May rebar futures contract closed at 3,542 Yuan (USD 516/MT) per tonne on Wednesday, up 71 Yuan (USD 10.30/MT) from the day earlier.
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