Highlights of the week:
* Quotes for Fe 63.5/63 of Indian fines stayed at $147-148/MT
throughout the week. Whereas, Australian PB fines 61.5 dropped by $1 to reach
140-143/MT (CNF)
* BHP Billiton sold three cargoes of iron ore fines on
Thursday, selling 61.5-percent grade MAC fines at as low as below $141/MT and 57.5-percent grade Yandi fines at as low as $130.81/MT, more
than a dollar less than previous deals, said a Shanghai-based trader.
* Shanghai steel futures rose to a one-month high, posting a
third consecutive weekly gain on Friday. The most-active October rebar contract
on the Shanghai Futures Exchange rose as
high as 4,325 yuan ($680)/MT before closing at 4,319 yuan, i.e. up by 0.6 % for the week.
Comment by:
Chinese traders: “There are too many
cargoes available on the spot market and not too many buyers. China's steel demand is largely
steady and construction work is only resuming in parts of China, steel mills may not be in a hurry to snap up more cargoes. So, if this continues next week, this will put a
lot of pressure on the market”
Leave a Reply