China’s steel and iron ore futures bounced up in the morning and ended with gains, despite a correction in the afternoon.
The country’s spot rebar and hot-rolled coil prices also increased 20-40 yuan ($3.20-6.40) per tonne during the day.
Those have boosted market sentiment and mills are heard to be more actively restocking iron ore from ports, leading to slight gains in price.
A seaborne transaction for Pilbara Blend fines was heard concluded at a price equivalent to just below $64 per tonne cfr China on a 62% Fe basis, while a deal for Iron Ore Carajas was clinched at $81 per tonne cfr. This indicated...