It's reported that spot iron ore prices are likely to grow further after hitting 2 month highs on Wednesday on firming demand of Chinese market for raw materials amid limited availability of spot cargoes.
Shanghai rebar futures rose for a second day to their strongest levels since mid-May.
According an iron ore trader in Hong Kong that there's still demand as some mills are still replenishing stockpiles.
Benchmark 62% grade iron ore .IO62-CNI=SI climbed 1.7% to US$129/ton on Tuesday, peaking at its highest level since May 13.
Iron ore import in China has increased almost 11% so far this month, recovering from a 20% decline in the first half of this year, seeming that the steel demand may be rising in the coming future, however, with the typically July and August slow months in the construction sector, steel consumption may not accelerate further.