Last Updated : 27 January 2013 at 12:20 IST
Iron ore prices gain slightly even as Steel rebar futures soar
Source :Commodity Online/TSI
Higher production by iron ore majors Rio Tinto, BHP Billiton and Forestcue Metals Group will have an impact on iron ore prices. Fortescue expects iron ore prices to drop to $120 per ton or below for 2013. The company reported record iron ore output in December quarter at 19.6 mn tons representing a rise of 32% over same period in 2011.
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BEIJING (Commodity Online): Steel rebar futures at Shanghai Futures Exchange (SHFE) rose above 4018 Yuan per ton on Friday before marginally falling while iron ore fines prices at China ports witnessed mixed to weak sentiments uninspired by the activity in steel rebars.
Iron ore fines at Tianjin port rose 2.4% to $148.6 per dry tone for 62% Fe content while 58% Fe content average 139.7% rising 2.3% on week, according to The Steel Index.
Iron ore fines 62% Fe at Qingdao Port fell 2.9% to $149.7 while 63.5%/63% Fe fell 0.9% to $151.4 per dry ton, TSI report added.
Meanwhile, steel majors in China raised prices of steel used in construction industry for a second time in a month on hopes that demand is set to gain after Lunar New Year holiday.
Higher production by iron ore majors Rio Tinto, BHP Billiton and Forestcue Metals Group will have an impact on iron ore prices in short to medium term. Fortescue expects iron ore prices to drop to $120 per ton or below for 2013 as against a recent rally that took prices to $150 levels per ton. The company reported record iron ore output in December quarter at 19.6 mn tons representing a rise of 32% over same period in 2011.
