After the Chinese holidays, it is expected to see an improvement in steel demand, increasing the iron ore price. However now no increase in steel and iron ore prices is seen in China or East Asia but is not far from mind as steel demand is strengthening.
Though to the severe competition, the price of China hot rolled sheet is stable ($460~$470). Chinese suppliers did not change their offers while the bids of purchasers in other countries decreased significantly. The gain of raw materials’ price caused the suppliers to be more cautious about their offered rates. In domestic market the prices increased only $1 compared with last week.
The hot rolled sheet price in Southeast Asia also cooled down. Hot sheets of Russia traded $445 per MT, CFR while buyers bid $442~$445 per MT, lower than last week.
Seaborne iron ore in Chinese market is descended, increasing iron ore purchase. Iron ore 62% of Australia is reported $96 per MT, CFR, down $1.