Iron ore prices gained some ground on Friday February 2 amid an uptick in China's steel and ferrous futures markets.
Key drivers China's ferrous futures surged on Thursday night and stayed in positive territory throughout Friday. The country's spot rebar and hot-rolled coil prices also increased 10-20 yuan ($1.60-3.20) per tonne during the day. These gains gave a boost to sentiment among iron ore sellers at Chinese ports, with transaction prices heard about 5 yuan per tonne higher than the preceding day. A cargo of Carajas fines changed hands at a price that is $1.35 per tonne higher than a similar transaction a day earlier...