Healthy steel market fundamentals lend support to iron ore prices

摘要

Singapore—Seaborne iron ore prices edged up April 5 on strong downstream steel demand in China. S&P Global Platts assessed the 62% Fe Iron Ore Index at $167.70/dry mt CFR North China on April 5, up 70 cents/dmt from April 1. Sources said the downstream steel demand recovery picked up pace on stronger construction activities in China. Billet prices were heard rising sharply in recent days -- up Yuan 160/mt since April 1 in some parts of China. High steel prices and margins continued to keep a few market participants optimistic about near-term iron ore prices, despite the Tangshan production curbs. Therefore, a few buyers would favor offers on an outright basis rather than floating, according to sources.