Spot Iron ore Iron ore reaches 6
week high, reflecting sustained buying from Chinese steel mills although the steel
prices are not recovering so fast.
Offers for Fe 63.5/63 of Indian
fines touched $157/MT (CNF China) i.e. up by $4/MT from the previous quotes.
Rumors heard that an Indian miner sold a cargo of Fe 63.5/63 at $161/MT.
Whereas, Australian Pilbara iron ore fines
were quoted at a dollar higher at $146-$149/MT and Newman fines also rose a
dollar to $151-$153/MT.
According to Industry experts, “The real demand has not increased
in China. Most of the buying is done by traders who are stocking up on iron
ore, wanting to take positions. So, the current upswing is likely to correct within
the next one-and-a-half weeks.”
” Number of queries have increased, but unfortunately we do not much cargo in hand.” said an Indian exporter based in Mumbai.
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