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."....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute — no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Subscribe Now
Click Here
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.
Take a Free trial
Click Here