63.5% fe io prices up $1 and $3-4 for the week

Spot 63.5% Fe iron ore prices up $3-4 for the week
12 July 2013, 10:30

China's imported iron ore market strengthened on Friday July 12, tracking firm steel prices, and a strong stock market performance over the week.
Mainstream prices for 63.5% Fe content Indian fines stood at $128-129 per tonne cfr during the day, up $1 from Thursday, and $3-4 higher compared with a week earlier.

"The spot market has been quieter towards the end of the week, but there have still been some enquiries from steel mills," one iron ore trader in Shandong said.

"Steel prices dropped too quickly before. Despite it being a traditionally quiet period for demand, sales for steel products have picked up, which has supported steel prices and in turn, iron ore prices,” a Singapore trader said.

Tuesday’s speech by Chinese Premier Li Keqiang eased concerns of a slowdown when he suggested that Beijing would not allow economic growth to slide below its “lower limit”.

BHP Billiton sold 90,000 tonnes of Newman fines with laycan July 23-August 1 at $129.23 per tonne cfr in a tender on Friday.

While Rio Tinto is offering 75,000 tonnes of 60% Fe Palabora Mining Company concentrate iron ore with laycan July 29- August 7, in a tender due to conclude at 13:30 Beijing time next Monday.

On China Beijing International Mining Exchange, one 100,000-tonne cargo of 58% Fe Australian fines with laycan July 23- August 1 was sold at $118.2 per tonne cfr on Friday.

Offers on the spot market on Friday included $127-128 per tonne cfr for Pilbara Blend fines and $130 per tonne cfr for Newman fines, several traders said.

The recent rally could also spur both domestic and overseas iron miners to ramp up output, limiting room for further price rises, a trader in Shanghai said.