The iron ore price rose on Monday as traders cheered a marginal
improvement in consumption of industrial metals in China.
Apparent demand for five main
steel products, including rebar, wire rod and hot-rolled coils, gained for two
consecutive weeks and was up 4.2% last week from early-November, data from
Mysteel consultancy showed.
“In the short term, the
property-related policy is expected to see improvement, which could probably
lift market sentiment,” Galaxy Futures wrote in a note.
According to Fastmarkets MB,
benchmark 62% Fe fines imported into Northern China were changing hands for
$95.63 a tonne, up 4.3% from Friday’s closing.
Concerns about the debt problems of Chinese property developers,
a sector that accounts for about a quarter of the domestic steel demand, had
recently added pressure on prices of iron ore and steel.
Mining.com