China's iron ore prices are at a two-week low and buying interest is sluggish before the Spring Festival holiday.

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According to news from Singapore on January 19, the rebar of the Shanghai Exchange Exchange (SHFE) reached a three-month high on Thursday, following the gains of other commodity markets. The news that the international currency organization’s capital increase to assist euro-zone countries has made market participants at risk. Increased preferences.

Asian stocks rose to a two-month high on Thursday. Commodity markets from Copper-based grains also rose slightly. As news on Wednesday said, the IMF will have to raise up to 600 billion U.S. dollars in new funds as funds to lend to countries hit by the European debt crisis. .

However, on Thursday, China's steel prices rose moderately, and transactions were light, which may not be enough to stimulate investors' interest in buying iron ore.

This week, the volume of iron ore contracted sharply due to the approaching of the Chinese New Year holidays. From January 23 to January 28, China's financial market closed on holidays.

The price of iron ore is at a two-week low, and buying interest has been sluggish for a long time before the Spring Festival.

The Shanghai Rebar ** May contract hit an intraday high of 4,319 yuan per tonne, which is not far from the three-month high of 4,321 yuan hit on Wednesday. At the end of the morning, the contract was quoted at 4,307 yuan per tonne.

A trader in Shanghai said that in the spot market, billet prices in the Tangshan area rose by 20-30 yuan this week to about 3,740 yuan per ton.

This shows that after the holiday season, iron ore prices may pick up.

Standard Chartered Bank analyst Judy Zhu said that it is expected that Chinese consumers will gradually and carefully rebuild their inventory after the Spring Festival.

This means that steel producers will purchase iron ore, and iron ore prices have fallen to a two-week low on Wednesday.

According to data released by the Steel Index, the offer for iron ore with a grade of 62% has fallen by 0.2% to US$139.90 per ton, C&F, China.

A trader in Rizhao City, Shandong Province, said that many trading companies, like us, will suspend business starting tomorrow, as the Spring Festival approaches.

However, the trader pointed out that after the holiday season, iron ore producers with low iron ore inventories now need to replenish their inventory, so these producers need to return to the market.

On Thursday, the quoted price of imported iron ore that had arrived in the Chinese market fell by US$1. Pilbara iron ore fines with a grade of 61.5% in Australia were quoted at US$138-140 per ton, and Yandi's fines were quoted at US$126-128 per ton. C&F benchmark.

The quoted price of Indian iron ore with a grade of 63.5/63% in India was US$144-147 per tonne, a drop of US$2 and a C&F benchmark.

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