Spot iron ore offers remained volatile tracking better risk-appetite after the US Federal Reserve signalled fewer interest rate increases this year amid global headwinds.
The firmness may be tough to sustain as seasonal steel demand in China remained slow.
Chinese steel demand could pick up steam by end-March or early April with construction activity thickening as the weather gets warmer, said analysts.
Spot prices of construction steel products in China, including rebar, continued to drop after last week's rally that was fuelled by speculative buying.
The gains in the ferrous market followed firmer equities in Asia after the Fed held interest rates steady on Wednesday, with fresh projections showing policymakers expected two quarter-point hikes by the year's end, half the number seen in December.
Benchmark 62-percent grade iron ore for delivery to China's Tianjin Port stood at $53 a ton.
Grade % Fe |
Origin |
Product |
load port |
destination |
Mar 17, 2016: cfr ($/ton) |
Mar 16, 2016: cfr ($/ton) |
Mar 15, 2016: cfr ($/ton) |
Mar 14, 2016: cfr ($/ton) |
63.5/63 |
India |
Fines |
Vizag |
Qingdao |
53 |
52 |
57 |
60 |
62 |
India |
Fines |
FOB Vizag |
|
23 |
22 |
27 |
30 |
62 |
Australia |
PB |
Dampier |
Tianjin |
53 |
52 |
57 |
60 |
63.5 |
Brazil |
Fines |
Brazil |
China |
55 |
54 |
59 |
62 |