Reuters reported spot iron ore prices and Shanghai steel futures edged up on Thursday, reflecting optimism that China’s economy could pick up in October through December.
As quoted in the market news:
Price offers for imported iron ore cargoes in China rose by $1-$2 per tonne, according to Beijing-based consultancy Umetal, after a flurry of deals on Wednesday was concluded at higher prices.
Chinese steel mills usually chase cargoes in bulk and boost stockpiles when prices are rising for fear they could miss the chance to buy material and secure supplies before prices climb further.
Benchmark iron ore with 62 percent iron content rose 2.5 percent to $115.40 a tonne on Wednesday, snapping a four-day decline, based on data from Steel Index.