* Traders keen to raise prices
* Two ore indices post different trends
* Steel output in early December rises
Iron ore prices remained firm at $176-177/MT for 63.5/63 Fe cargo delivered at China, though volumes remained low.
China’s iron ore spot market is likely to stay firm this week as domestic traders remain keen to raise offers to steel mills after prices accelerated last week.
Indian ore with 63.5 percent iron content was being offered at $177 a tonne on Monday, cost & freight delivered to China, unchanged from last Friday.
As a large number of steel mills in China, the world’s largest iron ore consumer, continue to favour domestic iron ore due to cheaper prices than imports, traders raised prices of materials already shipped to ports.
“I am asking for higher prices today as I am expecting the iron ore market will extend gains this week. But buying may slow down a little bit this week and pick up again next week as it takes time for steel mills to digest the hikes,” said an iron ore trader in Beijing.
Leave a Reply