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Chinese Ferrous market continues upward trend

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NEW YORK (Scrap Register): The ferrous market in China continued its upward trend on Friday. There was a pickup in activity in the iron ore spot market with transactions prices firmer, but still a wide spread between different medium grade products, according to The Steel Index.

An Australian miner sold 61% Fe PB fines on COREX at 62. A similar cargo was offered at 61.75 on the platform and bid at 61, while FMG Super Special Fines were traded at 42.

Another Australian miner sold two shipments of 61.2% Fe Fines around 54 by private negotiation late yesterday. A Brazilian miner sold two shipments of IOCJ fines on globalORE at 74 and 74.5 respectively, and 62.3% Fe basis BRBF fines at a floating price via tender.

In China, port stock prices went up by around RMB 10/wmt. Spot billet prices in Tangshan gained RMB 30/t. Spot rebar prices in Beijing went up RMB 50/t.

The most active DCE iron ore futures contract gained 3.16% but SHFE rebar futures jumped 3.97%. All prices US$/dmt CFR China unless otherwise stated.

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