Tuesday, January 11,
Spot iron ore prices in Asia were expected to stay strong on Tuesday on Chinese buying and firmer steel prices which kept key indexes at eight-month highs.
Baoshan Iron & Steel Co Ltd , the industry pricing leader in China, said it will raise prices of its main products by 100 yuan ($15) a tonne for February bookings.It was the second consecutive price hike by Baosteel.
It had kept prices flat for November and December.Shanghai steel rebar futures hovered near two-month highs on Tuesday, supported by costlier raw materials like iron ore and coking coal even as steel demand was tempered by the suspension of construction activities in many Chinese cities in winter.
Offers for Indian ore with 63.5 percent iron content have remained above $180 per tonne, including freight, since last week, also reflecting tight Indian supplies.The three major iron ore indexes, based on Chinese spot prices, stayed at or near levels last seen in May at the close of trade on Monday.
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