Saturday, April 30,
Spot iron ore prices have moved up by $3-4/MT this week with Chinese buyers still cautious about large purchases. Quotations of Indian ore with 63.5 percent iron content hovers at around $191/MT.*
Persistent supply problems from India have supported spot prices, and traders are expecting prices to rise further after the Labour Day holiday when steel mills return to the market to rebuild stockpiles ahead of the Indian monsoon season.
Iron ore swaps cleared by the Singapore Exchange also jumped on Thursday with investors upbeat about demand as a result of the much-anticipated restocking after Labour Day.
April contract rose 70 cents to $179.26/MT, May surged $5.25 to $180/MT, and June also gained $4.94 to $174/MT.
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