Spot iron ore prices in China moved up slightly on the last
trading day of the year 2011 after a flurry of speculative purchases ahead of
the New Year.
Indian fines Fe 63.5% moved up by $2-3/MT to reach at
$143-146/MT CFR China. Australian Newman fines also moved up to reach $139-141/MT
(CFR China).
The most active rebar futures on the Shanghai Futures
Exchange opened marginally higher at 4,202 yuan ($666)/MT on Friday as compared
to 4,201 yuan/MT in the previous close.
“There must have been a bit of buying going on before
the new year break, and some must be hoping to profit from a jump in prices in
the new year,” said a trader based in Shanghai.
“My feeling is that prices are back at their natural
level after falling so quickly (in October), so I'm not expecting any major
adjustments in the coming few weeks, but there could be a policy announcement
to stimulate buying,” he added.
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