November 2011 | Steel Raw Materials
After this week's rebound, we expect prices to firm: Iron Ore Highlights
Should demand in China falter, then prices of iron ore could experience a fall similar to the one experienced in October.
Prices of iron ore moved up even more as we expected in the past week, so that fines went up on average by 12.6% (the average is not weighted by trade volumes), with the lower grade and cheaper ore experiencing a much higher increases of well above 12%. Indian fines, rebounded if not as steeply as iron ore of different origin. Late last week, the Iron Ore Index softened temporarily and then moved up again. We interpret this as a sign of firming markets around the 155 levels we were expecting for the end of the month.
Stocks at ports grow to another record level
Stocks of iron ore at China ports increased to 99.3m tonnes (2.3% growth over two weeks ago), the highest level we have...
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