Spot iron ore prices in Chinese market gained momentum specially after Bao steel announced that it will raise its March delivery prices by up to $40/t on main stream products.
“Today spot iron ore prices move up by 10-30 Yuan after Bao steel's March prices.Indian 63.5/63 Fe fines stay around $147-149/t CFR and Australian PB fines at around $146-148/t CFR.” said an iron ore trader based in Rizhao port, China.
Rungta mines,Indian miner and exporter, heard to have offered 63.5/63 Fe fines at around $154/t CFR China, last week. Another Indian exporter offers Mill Scale at around $137-140/t CFR.
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