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China iron ore prices remain firm.
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Spot iron ore prices in China rose to US$188-190 per tonne for Indian iron ore with Fe63.5% on Wednesday, according to IronOreTeam.
Traders said there was a deal struck for Indian 63.5 percent iron ore fines at $189 per tonne on Tuesday, but the majority of small Chinese mills remain concerned about the demand outlook on worries China's monetary tightening cycle may extend.
"Some steel mills are worried that steel prices and demand may fall at the end May and in June, and they don't want to take the risk of buying forward shipments, which arrive in about a month," said a trader in Beijing.
But comments by a central bank official published on Wednesday showed Chinese inflation will moderate in the second half of the year as government measures to curb price rises hit their mark.
Baoshan Iron and Steel said on Tuesday China's crude steel capacity may rise by 40 million tonnes this year, which may bring the country's capacity to more than 800 million tonnes, despite Beijing's campaign to block capacity expansion, especially by small-scaled privately-owned steel mills.
Source: Iron Ore Team
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