Feb 17th 2011
The physical market remained steady as prices hovering around $198-199/MT for 63.5 fe as reported..*
The Rebar futures shown a correction across the curve yesterday which may signal caution. The demand supply situation remained strong and not letting offers cool off. Sellers are negotiating hard with anticipation of achieving their expected price tomorrow if not today.
Fast gains in iron ore import prices have made steel mills reluctant to restock, leading to a slowdown in trading among steel mills and local traders.
“We are not able to sell much to steel mills this week as they complained prices were surging too fast and did not want to take it,” said an iron ore trader in Beijing.
Some traders expect iron ore prices to hit $220 per tonne or higher in the near future, with uncertainty about exports from India continuing to lend strength to prices.
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