WEEKLY: China’s iron ore concentrates prices firm
Jan 21, 2020 17:30
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Prices for domestic iron ore concentrates generally firmed in most regions across China over January 13-17, with those in a few areas even increasing by Yuan 8-40/tonne ($1.2-5.8/t) on week, according to Mysteel’s latest weekly survey. The increases were a response to some domestic steel mills signalling urgent demand for replenishment for Chinese New Year (CNY) holiday operations.
Most Chinese steelmakers had restocking demand for CNY, not only preparing for production, but also considering that deliveries would be affected during the break, a Shanghai-based market watcher said. Many truck drivers are returning home to celebrate the festival and those that continue to work are raising their freight fees.