China's rebar futures extended gains on Tuesday, reaching a
five-week high of 4,346 yuan ($690)/MT, its highest since Feb. 6 on
expectations of improved demand over the coming weeks. But traders and analysts
are still doubtful for any quick recovery in the spot iron ore market.
“Steel mills are keen to raise prices in the
traditionally strong months, but most of them remain cautious and will follow
the market, raising prices by limited amounts, say Industry experts.
Offer prices for imported iron ore in China remained almost unchanged
on Tuesday with some traders saying they were still struggling to sell ore to steel
mills.
Australian Pilbara fines Fe 61.5 were being offered at $142
to $144/MT, including freight, up from $141 to $144/MT on Monday. Whereas, quotes
for Indian fines remained unchanged at $148/MT (CNF).
However, according to some reports, tenders of Australian miner BHP and Brazil's Vale are expected to be well
received later in March. BHP Billiton is offering cargo through an open tender
with a capsize vessel of MAC (80kt) and Yandi (90kt) fines loading 25 Mar -3
Apr, while Vale is offering SSFT 63.99% Fe fines in 180kt passing through Singapore
on 27th March.
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