Chinese Iron Ore market shows an up trend this week

CHINA October 28 2016 5:00 PM

LONDON (Scrap Register): The Chinese futures market contracts jumped again on Friday, lending more support to the spot iron ore market, according to the Steel Index.

In China, iron ore port stock prices went up RMB 5/wmt. In Tangshan most steel mills kept spot billet prices flat, while spot rebar prices in Beijing rose RMB 5/t. The most active DCE iron ore contract jumped 3.78% but SHFE rebar futures gained 2.37%. 

An Australian miner sold 61% Fe PB Fines via tender at just above 63. Another Australian miner sold a combined shipment of fines on a floating price by private negotiation. 

A Brazilian miner sold 61.85% Fe basis SSFG fines on COREX on an index-linked price agreement. On the same platform, 57.2% Fe basis PB fines were offered at 56.5, while 65% Fe IOCJ fines were offered at 77 and bid at 72.5. It finally concluded at 75.4 after index cut-off.