Seaborne iron ore concentrate and pellet trading with limited by poor demand in China last week, but bullish futures and fines markets led to a rise in prices, sources told Fastmarkets.
Fastmarkets' index for iron ore 66% Fe concentrate, cfr Qingdao stood at $112.61 per tonne on Thursday July 9, up by $4.73 per tonne (4.4%) from $107.88 per tonne a week earlier."Price for steel products, [including] rebar, are increasing, implying there is good demand," a trading source in southern China said on Thursday, "and the expectation of more iron ore consumption to meet steel demand [has created a more] bullish market in iron ore futures and fines. The price of iron ore concentrate has also followed this trend."
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