Iron ore fines (Fe 62%) price in China has increased sharply today (i.e. 09 Nov’16) by USD 3.2/MT D-o-D and touched USD 71/MT, CFR China. The prices have hit highest level in this year.
Surge in coking coal prices, further pushed up spot billet and rebar prices in China today, which further pushed up iron ore prices.
Domestic billet prices in Tangshan today rose by RMB 30/MT to RMB 2,510/MT (ex-works).
On similar lines, spot rebar prices in Beijing also increased. Today rebar (16-25 mm) prices in Beijing climbed by USD 9-10/MT D-o-D to USD 423-428/MT (ex-works). Another factor which led to surge in spot rebar prices was limited rebar inventory.
Trade-wise:
1. An Australian miner sold 170,000 MT Pilbara Blend fines (Fe 61%) with laycan 7-16 Dec’16 via tender at USD 70.63/MT, CFR China.
2. In an another tender for 170,000 MT Australian fines (Fe 57.2%) with laycan 26 Nov’16-05 Dec’16 was sold at USD 60.25/MT, CFR China.
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