Tuesday, October 12,
Physical iron ore prices were pushed higher yesterday along with the rising request for Indian cargos. TSI 62Fe index shot up $ 2 to $147.9 and Platts went up by $1.5 to reach at $148.5.
The offer for 63.5/63Fe cargo is at the level of $ 156/MT CFR. The swap market mirrored the rally in the physical market. November and December contracts were heard being traded at $145.5, then $146 and $148 later on.
November contract was heard traded at $149 late during London trading hours. The Shanghai steel future softened a bit and went down by 0.69% to reach at 4317RMB this morning.
Traders were holding a positive outlook about the market as the foreign quotes stayed at a high level. In addition, Baosteel released its November price and there was no rise in price of HR, CR, heavy plate, galvanized sheet and aluminum coated sheet.
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