Last Updated : 07 December 2012 at 22:50 IST
Iron Ore, China Steel rebars gain strength on positive China data
Source :Commodity Online
Higher infrastructure investment plans, pro-growth policies are providing momentum to iron ore, steel prices. Steel production in China has averaged 1.9 mn tons per day since October, compared with .6 million tons last year as mills record higher margins
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BEIJING (Commodity Online): Positive China data, expected growth in steel demand are pushing prices of iron ore and steel rebar futures higher in China.
Iron ore fines prices quoted at Tianjin port in China rose 4.7% this week to $121 per dry ton for 62% Fe fines, 0.4% up at $107.8/dry ton for 58% Fe content, according to The Steel Index (TSI). At Qingdao port, 62% Fe 2% Al iron ore fines rose 0.6% to $122.1/dry ton while 63.5%, 63% Fe rose 0.6% to $123.2/dry ton.
Steel reinforcement-bar futures posted the biggest weekly climb in more than two years on expectations a strengthening Chinese economy will boost demand.
Rebar for May delivery rose 1.7 percent to close at 3,656 yuan ($587) a metric ton on theShanghai Futures Exchange. Futures climbed 4.6 percent this week, the biggest such gain since the week ended Oct. 15, 2010.
Higher infrastructure investment plans, pro-growth policies are providing momentum to iron ore, steel prices. Steel production in China has averaged 1.9 mn tons per day since October, compared with .6 million tons last year as mills record higher margins, Bloomberg quoting Yu Yang of Shenyin Wanguo Futures Co said.
The average spot price of rebar, used in housing construction and infrastructure projects, fell 0.1 percent to 3,548 yuan a ton today, according to data from Beijing
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