August 19,
A few big exporters today have raised their offer prices to as high as $157-$158 per tonne in anticipation of stronger demand from Chinese steel mills and a better outlook for the industry.
Spot Iron ore prices rose quickly this week, and the concern about uncertain demand is gradually fading away with more traders expecting iron ore CNF prices to remain positive as the demand improves in September, the prices may also increase.
A few leading steel mills in China have resumed their production after slicing their output in last 3 months which ideally should boost the demand for the raw material.
Provided the decision on illegal mining issue is taken soon, the market is expected to show more positive response in the coming weeks.
Reported by Monica Pattanaik (monica@steelmint.com)
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