China's mixed steel market keeps iron ore prices stable

Iron ore prices were largely rangebound on Wednesday August 16, amid a mixed steel market in China, where mills continue to show a preference for higher-grade materials.

Key drivers China’s spot prices for rebar fell 10-20 yuan ($1.50-3) per tonne during the day, while those for hot rolled coil increased by 10-30 yuan ($1.50-4.50) per tonne. While the number of offers of seaborne iron ore continued to outnumber bids, trading activity at Chinese ports picked up since mills typically prefer to restock during the mid-week. Buying interest remained concentrated on higher-grade fines, while lower Fe materials were hardly marketable. Underlining this big divide is the fact that prices for top-grade Iron Ore Carajas fines are now almost $20 per tonne higher than those for 62% Fe products – a historically high spread. At Chinese ports, prices for 65% Fe products are...

Published

July Zhang

August 16, 2017

11:25 GMT

Shanghai