Spot Iron ore market in China
steadied on Wednesday, reflecting slow steel demand which may continue to limit
appetite for the raw material for the rest of the week.
Offers for imported iron ore in
China were unchanged with Indian fines Fe 63.5/63 at $ 149-151/MT & Australian
Pilbara fines at $139 to $141/MT.
“Mills and traders remain
divided about market direction beyond the end of this week, with steel demand
continuing to be the limiting factor,” Steel Index said in a note.
The most-active May rebar
contract on the Shanghai Futures Exchange edged up 0.2 percent to 4,169 yuan a
tonne by the midday break.
“Without support from steel
prices, there's very little chance of iron ore prices rising,” said a
Shanghai-based physical iron ore trader.
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