According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $222.36 a tonne on Tuesday, up 0.3% from Monday’s closing.
The August contract for stainless steel on the Shanghai bourse was up 2.2% at 16,880 yuan a tonne.
“Futures are stronger than spot prices as currently market has a relatively strong expectation on production restrictions,” GF Futures wrote in a note.
“Considering spot prices are supported by costs… (steel) will remain fluctuating at high levels,” GF added.
(With files from Reuters)
