Strong Futures prices strengthened the iron ore market today in China. The material prices rose up to USD 92/MT on March 15th. The change in the future market caused the momentum in the buying activity whereas when futures were low during the last week buyers retreated.
Although the material prices ended up higher by around USD 4/MT the participants feel that as the stock for the higher grade material at port is lowering it is a sign for the rising demand for the lower grade iron ore.
Billet
Billet was traded at 3,310 Yuan (USD 479/MT) including VAT in Tangshan, up 70 Yuan (USD 10/MT) Tuesday.
Dalian Commodity Exchange
Closed at 724.50 Yuan (USD 105/MT) up 38 Yuan (USD 5.50/MT) from the price closed the day earlier.
Shanghai Futures Exchange
The most-traded May rebar futures contract closed at 3,641 Yuan (USD 526/MT) today, up 47 Yuan (USD 6.80/MT) from Tuesday’s closing price.
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