Iron ore prices may rise further on China restocking

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Publish time: 30th January, 2013      Source: ChinaCCM
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According to report, Chinese steelmakers keep replenishing iron ore that may push up iron ore price this week. But the profits may be cut since buyers may wait until the February holiday.

Currently the buyer looks to buy at price about US$143~US$144/ton for 62% grade iron ore and it is about US$5~US$6/ton cheaper than Friday's market price of US$148.6/ton.

However, limited volume keep support the spot prices as rains restrain the shipments from Australia and Brazil. But the price will not go near US$160/ton again since it reached the highest of US$158.5/ton on January 8th, the 15 month highest.

The daily crude steel output in China down by 1.5% from the first 10 days of January to 1.914 million tons.