Last Updated : 12 October 2012 at 17:55 IST
China Iron ore fines prices climb 10%, steel demand yet to rebound
Source :Commodity Online/TSI
Iron ore fines prices at Tianjin port for 62% fe, rose 9.9% to $114.5 per dry ton while 58% Fe rose 6.6% to $104.8 ton, according to The Steel Index (TSI). Steel market is yet to see a rebound as end-use steel demand remains weak in Chian with slowdown impacting sentiments. Investors are looking forward to further stimulus and leadership change next month.
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BEIJING (Commodity Online): After a recent sharp slump in imported iron ore prices in China, market is witnessing a rebound with prices rising 10% this week. Steel rebar futures prices rose to a record high of 3699 Yuan per on Wednesday before falling back to 3639 per ton on Friday.
Steel market is yet to see a rebound as end-use steel demand remains weak in Chian with slowdown impacting sentiments. Investors are looking forward to further stimulus and leadership change next month.
Iron ore fines prices at Tianjin port for 62% fe, rose 9.9% to $114.5 per dry ton while 58% Fe rose 6.6% to $104.8 ton, according to The Steel Index (TSI).
TSI said that at Qingdao port, 62% Fe, 2% Al rose 10.3% this week to $116.3 per dry ton while 63.5/63% Fe rose 10.3% to $116.6 per dry ton.
Prices for iron ore cargoes sold by miners Vale and BHP Billiton have dropped over the past two days after rising in the previous two as mills became reluctant to chase prices higher, Reuters reported.
