CHINA HRC: Prices get boost from iron ore scurry

China’s hot-rolled coil prices spiked on Wednesday January 30 despite sellers winding down ahead of the Chinese New Year break, with developments in the iron ore market providing some upward momentum.

Domestic Eastern China (Shanghai): 3,780-3,800 yuan ($561-564) per tonne, up 40-50 yuan per tonne Northern China (Tianjin): 3,720-3,740 yuan per tonne, up 30 yuan per tonne Prices rose during the day with the iron ore market reeling from the aftermath of a breach at one of Vale’s tailings dams last Friday, a trader in Shanghai said. The Brazilian miner - the world’s biggest producer of iron ore - is planning to decommission all of its upstream dams, a move that could cut its projected yearly output of 400 million...

Published

Miranda Song

January 30, 2019

10:41 GMT

Shanghai