Last Updated : 28 December 2012 at 20:25 IST
China iron ore prices surge on positive economic data
Source :Commodity Online
On a weekly basis, Iron ore fines 62% Fe content rose 3% to $139.4/dry ton while 58% Fe rose 4% to $128.8 per dry ton, according to The Steel Index. Iron ore fines 62% Fe, 2% Al at Qingdao rose 4.5% to $140.5 while 63.5%/63% Fe rose 4.4% to $141.6 per dry ton.At Shanghai Futures Exchange, Steel Rebar May futures rose to 3894 Yuan per ton on Friday at close of trade with high level of open interest and volumes supportive of the rally.
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BEIJING/MUMBAI(Commodity Online): Iron ore prices have surged as the year draws to a close on positive China economic data and rapid depletion of stock at China ports. Steel rebar futures at Shanghai Futures Exchange (SHFE) has also hit a 5-month high.
On a weekly basis, Iron ore fines 62% Fe content rose 3% to $139.4/dry ton while 58% Fe rose 4% to $128.8 per dry ton, according to The Steel Index. Iron ore fines 62% Fe, 2% Al at Qingdao rose 4.5% to $140.5 while 63.5%/63% Fe rose 4.4% to $141.6 per dry ton.
At Shanghai Futures Exchange, Steel Rebar May futures rose to 3894 Yuan per ton on Friday at close of trade with high level of open interest and volumes supportive of the rally.
Data released on Thursday showed profits earned by China's manufacturing industry jumped 22.8 percent in November from a year ago, accelerating from October's 20.5 percent.
Macquarie has forecasted iron ore prices to average $130 per ton in 2013 with higher levels in the first half and a decline in the second half, when a fair chunk of additional supplies will hit the market.
The rise in Shanghai rebar followed a 110-yuan per tonne increase in the price of steel billet in China's key Tangshan area, traders said, adding the increase in arrivals had already pushed up Chinese port prices significantly, Reuters reported. The surge in ore prices has encouraged more steel mills and traders to restock in advance because they're anxious that prices may climb even higher, the report added.
Meanwhile, India's National Commodities and Derivatives Exchange (NCDEX) has relaunched the Steel Long futures with initial contracts for delivery in February, March and April 2013 will be available for trading with modified contract specifications. The delivery center has been moved from Ghaziabad in Uttar Pradesh state to Mandi Gobindgarh in Punja.
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