Benchmark 62% Fe fines imported into Northern China (CFR Qingdao) were up 3,14%, changing hands for $220.82 a tonne, according to Fastmarkets MB.
At a briefing on Thursday, the state planner said with the development of China’s economy, demand for crude steel still has room to grow during the 14th Five-Year Plan.
Meanwhile, analysts with SinoSteel Futures warned that there is limited room for further growth in iron ore demand.
“Environmental protection measures in Tangshan have not been relaxed in the short term and have become more stringent,” SinoSteel said in a note.
China said on Wednesday it would release the country’s reserves of major industrial metals, including copper, aluminium and zinc in batches “in the near future.”
The country’s stockpiling body – China’s National Food and Strategic Reserves Administration – said the move would ensure the supply and price stability of bulk commodities.
(With files from Reuters)
