Based on Fastmarkets MB, benchmark 62% Fe fines imported into Northern China have been altering arms for $222.36 a tonne on Tuesday, up 0.3% from Monday’s closing.
The August contract for stainless-steel on the Shanghai bourse was up 2.2% at 16,880 yuan a tonne.
“Futures are stronger than spot costs as at present market has a comparatively robust expectation on manufacturing restrictions,” GF Futures wrote in a observe.
“Contemplating spot costs are supported by prices… (metal) will stay fluctuating at excessive ranges,” GF added.
(With information from Reuters)