Friday, January 14,
Spot iron ore prices jumped to fresh eight-month highs and offers rose on Friday, reflecting firm demand from top buyer China and tight supplies.
Some Chinese steelmakers have started reselling some iron ore stocks back to the market to cash in on surging prices while some exercised caution in buying more for fear prices could drop after the Lunar New Year in early February, traders said.
Indian ore with 63.5 percent iron content was quoted at $184/MT C&F, on Friday, up from $181-183/MT on Thursday.
Traders holding high-grade Australian fines also sold their cargo at rates as high $184 a tonne, cost and freight to China, on Thursday, up from $183 the previous day.
Some traders are worried iron ore prices could drop after the week-long Lunar New Year next month with China’s steel production outpacing demand.
“If demand for steel products doesn’t improve after the Chinese New Year, iron ore prices will definitely go down.”, said a Chinese trader.
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