Iron Market Update (March 15, 2012)

By Robert Young- Exclusive to Iron Investing News

Australian Pilbara fines with 61.5 percent iron content were being offered at $141-144 per tonne. Iron ore prices in China, the world’s biggest market have edged higher amid signs that steel demand is starting to pick up, but some investors remain cautious.

Chinese officials have suggested 2012 could be one of the worst years ever for the domestic steel sector, with overcapacity and slow demand continuing to erode margins, and some even say iron ore import volumes could fall this year.

Data from China’s customs authority have shown iron ore imports in February rose 9.5 percent from a month earlier to 64.98 million tonnes, the highest since January 2011.