Spot iron ore prices in China noticed an uptrend after a surprise rate cut from the European Central Bank and hopes of Greece bailout.
“Sentiments are positive at this movement but unfortunately Indian exporters are not holding any cargo on Indian ports.Supply has been really limited after dispatches have been closed from Karnataka, Orissa and Goa.” said an Indian exporter based in Mumbai.
There is more interest on Australian cargoes, which are priced more attractively than shipments from Brazil and India, traders said, boosting price offers in China for Australian material. PB Australian fines of grade 61.5 % Fe (Equivilant to Indian 62% Fe) hovering around $124-126/mt, he added.
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