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PrintIron ore swaps surged by around $8 this week, as major gains in the past two sessions left the curve in steeper backwardation, as paper and physical cargoes tracked better expectations for steel demand in China.
The Shanghai rebar futures market showed a "sea of green" and further Australian cargoes being snapped up lifted paper, with a 2,000 dry mt clip for January heard getting paid at $130/dmt. The May 2013 rebar contract surged by over Yuan 100 to close at Yuan 3,786/mt ($606/mt) in Shanghai.
Prompt January swaps, based on The Steel Index's 62%-Fe CFR Tianjin Index, traded at around $128-130/dry mt towards the end of the session, with some selling pressure reducing the day's gains emerging near the close in Singapore.
Time spreads for January with March got paid at $3 after trades in the previous session at $1.50/dmt, and a bid/offer range for January against Q2, 2013 was suggested at $5/$6.50.
The Q1, 2013 contract was heard trading at $126.50/dmt.
The Cal-13 was given by one major broker as having a $120/dmt value, despite no trade reported in the contract.
January swaps, basis Platts IODEX, were assessed Friday at $129.50/dmt, up $3 day-on-day. The IODEX Q1, 2013 was assessed at $128.25/dmt, rising $2.75. The IODEX Q2, 2013 added $2.75 to $124.25/dmt. The IODEX Cal-13 rose $2.50 to $121.50/dmt. (Source: Platts)
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