Iron ore market keep rising, we see some offer at $140-142 for 63.5 pct cargo by local Chinese traders, but actual trade is still under $140. We are hearing 1060—1080rmb for 63.5 cargo. Yesterday most seller who hold Fe60%+ cargo stopped selling again to wait for price to reach the level they purchased.
A few negative IO trader think, price may stopped raising and from next week may start to drop. That’s why they are not in a hurry to buy cargo. Today Shanghai Steel futures rise again, up 1.10% at 4220CNY for Jan 11 contract. Shanghai stock index SSEC is at 2574, +0.45%
The market continued to be positive with exporters expecting for 63.5 cargo to break CFR $140 level, and we have seen buying interest at $135. Ports stocks at krishnapatnam port seemed to be healthy, mostly dominated by stocks of 60 to 63 pct cargos. Platts 63.5% Fe index was assessed up $4 at $134.5.
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