China's iron ore demand to boost spot prices

Metal Recycling News  |  2011-06-10 09:24:35   |   By Paul Ploumis

The spot iron ore prices increased for a third straight session as Chinese steel makers start restocking and China's iron ore imports showed a marginal increase of 0.8% last month.

SINGAPORE (Scrap Monster): The spot iron ore prices increased for a third straight session as Chinese steel makers start restocking and China's iron ore imports showed a marginal increase of 0.8% last month.

Shanghai rebar futures were little changed at 4,854 yuan per tonne by 0531 GMT.

However, the traders expect Chinese imports to fall in June. This is due to seasonal weakness in China's steel market, and also because the restocking activity is quite subtle due to uncertainty over steel prices.

Chinese steelmaker Baoshan Iron and Steel announced to cut prices of its key products for July by 100-200 yuan ($15-30) per tonne, showing a sign of expected fall in steel demand in China in coming months….read more on this

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