Thursday, July 07,
Spot Iron ore prices in China remain steady and buyers are cautious as the Chinese central bank has yet again hiked the interest rate by 25 basis points.
The hike in interest rates is done for the third time this year making it clear that taming of inflation is a top priority for the Chinese Government right now.
Offers for Fe 63.5/63 of Indian cargo remained at $ 179/MT i.e. same as the price levels seen yesterday.
There is also some news that BHP Billiton has suspended its shipments of iron ore from a major port after a fatal incident. And it has said that operations would be halted until any further notice.
However, according to analysts it should be a temporary thing and would probably last for another 48 hours. The impact will only be short term.
Offers for Australia’s Newman 62-percent grade iron ore fines, which BHP sells to the spot market, were steady at $174-$176/MT, including freight, on Thursday.
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