China’s imported spot iron ore market remained quiet during a shortened trading week due to the three-day national holiday.
Prices of 63.5% Fe Indian fines stood at $149-151 per tonne cfr China, unchanged from a week ago.
“Offers of spot iron ore to China are few in number because western countries are starting their Easter holiday, but there are many enquiries for iron ore at Chinese ports,” a trader in Beijing said.
Pilbara fines are being offered today at 1,030 yuan ($162) per tonne at a north China port and Pilbara lumps at 1,130 yuan per tonne.
India’s Fomento Resources Group has offered three tenders today, including 57% Fe fines and 59% Fe lumps.
“China’s economy may have expanded by 8.4% in the first quarter, according to reports citing the National Development and Reform Commission. Though it is the least since the first half of 2009, it remains strong and would support demand,” another trader in Beijing said.
“It seems that China’s economy is still expanding fast and demand for steel is recovering,” a trader in Shanghai said, adding that spot iron ore prices could continue to rise next week.
A tender of Rio Tinto’s South African PMC fines at 63.4% Fe concluded at $148 per tonne cfr on Thursday, slightly below market expectations.