FMG / IO Outlook and News, page-294

Iron ore market stabilises ahead of lifting of production limits in north China
The physical iron ore market became steadier on Friday March 10 as futures and steel prices stabilised and expectations grew for demand to pick up next week as production cuts in north China come to an end.

Key drivers China’s benchmark rebar and iron ore futures contracts stemmed their losses and stayed rangebound during the day, while that of hot rolled coil gained almost 1.5%. Spot prices for rebar and HRC also rebounded by 20-50 yuan ($3-7) per tonne in the country. Iron ore buying activity improved at Chinese ports, though transaction prices were reported to be little changed from a day earlier.

SHANGHAI: Spot iron ore market slightly picked up some activity on Friday, reported the Steel Index.

An Australian miner sold 62% Fe basis PB fines on COREX at a floating price. Another Australian miner sold a combined shipment of Jimblebar and Newman fines on an index-linked basis by private negotiation after Thursday’s index cut-off.

Swap prices firmed. In China, iron ore port stock prices were basically flat. The most active DCE iron ore futures contract price inched up 0.31%, while SHFE rebar went up slightly by 0.35 percent. Spot rebar prices in Beijing gained RMB 20 a ton.

Tangshan Steel Billet up 40 yuan to 3140 yuan today.

Demand next week?

DYOR.

Frank.