LONDON (Scrap Register): Chinese futures market rebounded on Friday, lending some support to the spot iron ore market. An Australian miner sold 61% Fe PB Fines on COREX at 64.55, reported the STeel Index.
On the same platform, PB fines combined with lumps traded at a floating price, 60.8% Fe basis MAC fines were offered at 57.5, while 65% Fe IOCJ fines were offered at 78.25- none attracted any bids.
Another Australian miner sold several cargoes on an index-linked basis today and late yesterday. In China, port stock prices were basically unchanged.
The spot steel market was still weak: spot billet prices in Tangshan went down RMB 30/t. Spot rebar prices in Beijing lost RMB 25/t.
The most active DCE iron ore futures contract jumped 3.16%, while SHFE rebar futures went up 1.76%. All prices US$/dmt CFR China unless otherwise stated.