Seaborne iron ore prices in China moved up today sharply by USD 6/MT against yesterday’s closing amid increase in Chinese steel prices and gains in futures market.
After witnessing plunge in last two days, global iron ore fines (Fe 62%) index moved up today and was assessed at USD 78.1/MT, CFR China.
Iron ore prices have gained strength on the backdrop of hike in steel prices.
China’s spot rebar prices rallied today. Rebar (16-25 mm) prices in eastern China increased today by USD 26/MT D-o-D to USD 454-458/MT. (Prices are ex-warehouse, inclusive of VAT).
On similar lines, flat steel prices witnessed northward movement after futures market gained momentum. Spot HRC prices in eastern China moved up today by USD 26-28/MT, D-o-D to USD 514-523/MT. (Prices are ex-warehouse, inclusive of VAT).
China’s manufacturing PMI up in Nov’16 – According to National Bureau of Statistics, China’s official manufacturing PMI increased 0.5 points to 51.7 points in Nov’16 against in Oct’16. Thus signalling growth in manufacturing activities.
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