Monday, Aug 01,
Spot iron ore prices in China continue to be firm on Monday. Tight supply from India & rise in Shanghai re-bar futures might keep prices firm in the near term.
Quotes for Fe 63.5/63 of Indian fines stays at $185/MT. Whereas, quotes for Brazilian fines moved up by $1/MT to reach $ 190/MT for Fe 65.
The most-active January rebar contract on the Shanghai Futures Exchange rose as high as 4,968 yuan per tonne, a level not seen since May 4.
The gains in rebar prices is supported by the construction boom in China where a drive to build 10 million cheaper houses this year is boosting demand for steel.
According to traders, “Shipments from India has been low due to monsoons & the political crisis in Karnataka is further delaying the resuming of exports. Uncertainty & the supply concerns are likely to keep prices firm in the near term”
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