Iron ore market rebounds on China buying
Metal Recycling News | 2011-06-13 03:36:04
Iron ore spot market has rebounded from the two-month low as the Chinese steelmakers have returned to purchase
By Paul Ploumis
BEIJING (Scrap Monster): Iron ore spot market has rebounded from the two-month low as the Chinese steelmakers have returned to purchase.
The latest quotes of Indian iron ore contains 63.5% Fe are at US$180 to US$181/ton CFR and the deal prices are at US$178/ton CFR.
Industry sources predicted that Chinese steel mills’ recent stockpile would support the quotes of Indian iron ore to stay firm.
However, some traders said that steel mills might not rush to stockpile due to power limitation policy and credit issue; thus, the iron ore spot prices might remain flat, Yieh Corp reported.
