Thursday, January 27,
Spot iron ore prices remained firm supported by tight Indian cargoes even as Chinese buying stalled ahead of the Lunar New Year holiday next week.
Iron ore from Indian is likely to get costlier after Indian Railways raised freight cost on iron ore exports by 50 percent from Thursday.
Indian ore with 63.5 percent iron content was being quoted around $188-$189/MT, cost and freight to China.
“The physical market is still strong because of tight supply but there’s no buying interest,” said an iron ore trader in Singapore.
“If somebody has to sell a cargo within this week they have to lower the price. Otherwise, those who have cleared their positions and are not in a hurry to sell will wait until after Chinese New Year.”
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