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PrintIt is reported that Chinese steel market presented chaotic price rise this period when deadline of the benchmark iron ore negotiation is around the corner. The three top ore suppliers are seeking for up to 90% increase in long term ore price, sending Chinese steelmakers in corner and the domestic trading houses to scramble for stocking up steel products.
General manager of Shuntai Company disclosed that on March 20th over 1000 local trading houses gathered at Mysteel hosted steel forum in Jinan. The attended trader revealed steel prices were updated everyday since early February and there appeared even two transaction prices in one day the previous week. Wire rod had gained from CNY 4000 per tonne to CNY 4500 per tonne in about half a month.
It’s widely believed the iron ore price is to surge, which had supported the continuous rise in steel market. The trading houses thought it’s a good time to build stocks before the ore talk generates any result.
Sourced from MySteel.net
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