Iron Ore market remains quiet after the rollercoaster ride

CHINA July 13 2015 9:26 AM

LONDON (Scrap Register): Things quietened down in iron ore market after the rollercoaster ride seen over the past two days. Steel prices continued their recovery, spot billet in Tangshan gaining RMB 30 a ton, said the Steel Index.

The futures were also up a touch, but by no means as sharply as on Thursday: SHFE rebar rose 1.62% and DCE iron ore nudged 0.27% higher.

The price of iron ore port stocks rose slightly on the back of a pickup in buying activity, but the seaborne market was quiet, save a few private transactions going through before the weekend.

The results of a tender for a combined shipment of PB fines and lump were unknown by index cut-off. Late in the day a Brazilian miner sold 62.91% Fe fines over COREX at 51.5.

(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)