China's iron ore, steel prices maintain weekly gains despite pressure

Oct 15, 2010 | 11:57 AM |

China's spot iron ore import tags rose 4 percent in the past week despite a new round of steel output cuts that broke a three-week price rally, with steel prices following a similar path.

Spot 63.5-percent Indian iron fines ended the week at $158 to $160 per tonne c.f.r. China, up from $152 to $154 a week earlier.

Momentum slowed on a new round of steel output curtailments in eastern coastal Shandong province and north-central Henan province and a still-weak steel market.

"The market is quiet today. It seems like $160 is a key resistance (level) for rising prices, and is hard to breach," an iron ore trader in Hong Kong said. "I heard a trader had an offer at $160, but only wanted to trade at $158."....

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