Spot iron ore prices in Chinese market inched up further on rising steel prices and low inventory levels with steel mills in China. A Fe 62% cargo of Australian origin was concluded at around $119-120/t CFR.
However many traders and Industry experts believe that prices have gone up more than expectation and steel mills are still not participating aggressively. Indian 63.5/63 Fe have reached at $119-120/t CFR levels. An Indian cargo of Fe 61% was heard sold at $114-115/t CFR.
In Indian domestic market a trader sold 10,000 tonnes of Fe 58% iron ore fines at Rs 2,750- 2,800/t delivered Vizag port. With struggling Rupee and rising iron ore prices in Chinese market, Indian exporters see some opportunity in short term.
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