Finally some reprieve has finally come to the iron ore market with perk as the small mills who had been running low on stocks have opened buying. Even though elder brothers are shy of buying market seems to be set for a flicker in short term.
Over the last couple of days some interest was evident but no major transactions were reported. However in major move last week of reducing the lending and deposit rates by the PBOC first since the 2008 debacle it gave some stability to a rapidly declining prices.
Billet and rebar prices held on today. Even though steel production has shown drop from 2.03 to 1.98 million tonne per day per day in the Northern part mills seem irrepressible perhaps to grab market share.
However market continued flip flop with uncertainty about the real reason for this increase.
Iron ore fines
|Fe 60/59 %||1%|
|Fe 59/58 %||1%|
|Fe 57/56 %||2%|
|Fe 55/54 %||4%|
|Fe 54/ 53 %||2%|
|Fe 53/52 %||3%|
|Fe 52/51 %||1%|
Change is on June 15th as compared to 8th June 2012
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Source - Steel Price India