SHANGHAI (Commodity Online): Announcement of approval for infrastructure projects totaling 1 trilion yuan in China help trigger a recovery in iron ore and rebar prices which witnessed continuous downslide in the past few weeks on weak steel demand.
At Tianjin Port, 62% Fe content iron ore fines rose 2.3% to $89 per dry ton on Friday but falling marginally by 0.4% on week, whle 58% Fe rose 0.8% at $79.9 per dry ton, The Steel Index said in a report.
Shanghai rebar futures surged 5% on Friday, biggest daily gain on record as state run media reported that China Government has given approval for 60 infrastructure projects this week totaling 1 trillion yuan or 2.1% of China?s economy.
The most active rebar contract for January delivery on the Shanghai Futures Exchange closed at its upside limit of 3,406 yuan per tonne, up 5 percent from Thursday's settlement price.
In CFR Qindao port, 62% fe, 2% Al iron ore fines fell 5.1% to $90.8 while 63.5%/ 63% fe fell 5.2% to $91.2 per dry ton.
?Billet prices in Tangshan gained RMB 120/t through the day but later dropped RMB 40/t. However the generally positive sentiment appeared to feed through to the iron ore market: 61% iron ore fines from Australia traded early on at 87, then a similar product basis-62% Fe went through across global ORE in the afternoon at 92, and then again at 93.5. Australian 58% Fe fines traded 81.5 and 82.5. A Brazilian tender for 63.8% Fe fines closed above 95. Opinions were divided on the apparent recovery, however, with some scepticism due to the still-weak Chinese steel market,? TSI report said.
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