China's Iron Ore, Steel Futures Rise in Holiday-Shortened Week
Apr. 29, 2019
MANILA, April 29 (Reuters) - Iron ore futures in China climbed in early trade on Monday, propped up by stockpiling demand ahead of Labour Day holidays beginning May 1, while steel prices edged higher as concerns persist over production curbs.
Spot iron ore for delivery to China SH-CCN-IRNOR62, with 62 percent fines, was at $93.80 a tonne, based on the latest data from SteelHome consultancy.
"For the moment, demand (for the steelmaking feedstock) is still quite good so we will likely see prices stable or a bit higher," a Shanghai-based trader said. "But the market will likely be generally quiet because there are only two working days in China this week."
China’s Iron and Steel Association on Sunday forecast weaker steel demand due to structural changes in the world’s second-largest economy, and said the industry would not be able to sustain high production growth.