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Print[ferro-alloys.com]Iron ore prices edged back toa 2-1/2-month high as Chinese steel mills running low oninventories snapped up spot cargoes amid limited availability ofhigh-grade material.
Recent gains in Chinese steel prices had encouraged producers to restock on the raw material, although furtherincreases may be stalled by a weakening outlook for the economy.Shanghai rebar futures came off an early high after data showed China's factory activity hit an 11-month low in July as new orders faltered and the job market weakened.
The most-traded rebar contract for January delivery on the Shanghai Futures Exchange was unchanged at 3,685 yuan ($600) a tonne by the midday break, after peaking at 3,708 yuan.
Benchmark 62-percent gradeiron ore .IO62-CNI=SI rose 0.3 percent to $131.90 a tonne on Tuesday, according to data provider Steel Index. First reached on July 18, that price was the highest since April 30.
"With steel production still high, some mills are still hungry for cargo and we've seen limited supply in the spot market especially for high-grade material," said an iron ore trader in Shanghai.
China's crude steel output stood at 2.083 million tonnes in the first 10 days of July, down 4.5 percent from the previous 10-day period, but still near the record pace of 2.193 million tonnes in May, industry data showed last week.
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