Spot iron ore prices in China, edged
up marginally on Monday amid signs that steel demand was starting to pick up,
but buyers remained cautious.
Indian fines Fe 63.5/63 is quoted
at $148/MT & Australian Pilbara fines Fe 61.5 was haerd being offered at
$141-144/MT, up by $1 since Friday.
Demand in China remains
uncertain, and despite the encouraging increase in output, many Chinese steel
mills continue to face losses.
March and April are traditionally
considered to be strong for steel production, as the winter recedes and
construction activities resume across the country. But only some of China's
bigger mills have cautiously started raising prices, with the country's largest
private operator Shagang announcing hikes of up to 150 yuan per tonne for its
major products from mid-March.
According to analysts, Construction
sector demand was likely to pick up, but there were few signs of any big
resurgence.
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