Iron Ore Steel Futures Increase in Shanghai

Reuters reported that the Shanghai Futures Exchange shows a rise in iron ore futures which traders have attributed to rising costs as well as optimistic outlook.

As quoted in the market news:

“Iron ore prices have risen about $20 this month and some players see the strong gains as a sign that steel makers and traders are willing to pay up because they are optimistic about steel demand.”

The rise in Shanghai rebar followed a 110 yuan per tonne increase in the price of steel billet in China’s key Tangshan area, traders said, adding that the increase in arrivals have already pushed up Chinese port prices significantly.

The Metal Bulletin index for 62-percent grade iron ore .IO62-CNI=SI rose $1.22 from Tuesday to $138.71, the highest since early May.”

Click here to read the full Bloomberg report.

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