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Chinese demand keeps iron ore prices above USD 130
Add Time：2013-08-07 22:06:00 Clicks：
Reuters reported that spot iron ore prices stayed near July highs above USD 130 per tonne as healthy order books are expected to keep Chinese steel production high supporting demand for the raw material.
According to data provider Steel Index, ore with 62% iron content gained 10 cents to USD 130.20 per tonne on Monday. Iron ore, China's top commodity import in terms of volume peaked at USD 132.60 in July its highest since April 30.
An iron ore trader in Singapore said that mills are trying to buy more cargo because they're running low again. Some of the mills have order books full all the way to November.
The trader said that "We could see USD 133 this week. Trading platforms in Singapore and China showed firm bids for spot iron ore cargoes.”
Shanghai steel futures hit near two week highs before turning steady, extending last month's gains as falling Chinese steel inventories suggest firm consumption. The most briskly traded rebar contract for January delivery on the Shanghai Futures Exchange hit a session high of CNY 3,693 per tonne, its loftiest since July 25. It was little changed at CNY 3,679 by the midday break. Still, some traders see downside risks to iron ore prices unless steel beats levels seen in July.
Source - Reuters
