$ 149/ton is the iron ore index and Baosteel witnesses good demand

Baosteel

A major price index of iron ore saw a decline to reach a three-week low as there was less demand from the top buyer China even after the price offers were firm on Monday with tight supplies of the higher grade materials. According to China’s largest listed steel manufacturers, Baoshan Iron and Steel 600019. SS), they will see fair demand through out the year of 2011 in spite of uncertainties hovering over the sector. But the prices of iron ore needed for steelmaking should remain expensive as stated by the firm’s general manager, Mr. Ma Guoqiang.

The Steel Index sixty two percent iron ore benchmark IO62-CNI= SI saw a decline of fifty cents to reach the amount of one hundred and forty nine dollars and ten cents per ton including cost and freight on delivery in China seen on Friday which was its lowest since the 11, October.

According to Chinese consultancy Mysteel, the offers for ores from India having sixty three –sixty three decimal five percent iron remained at one hundred and fifty six dollars to one hundred and fifty eight dollars as seen on Monday in C&F China.

Commonwealth Bank of Australia stated that the demand of near-term China remained low but the supply is tight. It more added that if mills of China try to increase stocks before the winter season the spot prices will get support in the next few months.

Iron-ore prices lowered from five months high which was there in the middle of October as buying from China dropped after the prices raised fast and not bright prospect seen in steel demand.

According to data released on Monday the manufacturing sector being strong in China could help in the rebounding in prices.


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