Saturday, November 27,
CNF prices touched $169/MT for Fe 63.5 of Indian cargo, where as exporters were quoting higher and expected prices to be around $172-174/MT. But there were no deals concluded on such higher prices.
Reasons for higher prices:-
· Increasing spot prices from Brazil and Australia
· Anticipated rise in contract prices for Iron ore in Jan Quarter by Rio and BHP
· Stocking of raw material before winters
Limited supply from India and Australia might have also lead to such rise in prices. Exports from India fell by 30% in month of Oct and exports from Australia also noticed a significant decline
Leave a Reply