Rising iron ore prices in Chinese spot market have increased demand from Indian exporters in domestic market. Sources highlight that last trade of Fe 62% Rejection with moisture content 4-5% and Silica less than 3.5% being traded at Rs 2,800/t (Ex-Jagdalpur, Including Royalty), freight to Vizag port is around Rs 1400/t. Prices have crawled up by Rs 400-500 per tonne from last month's offers.
Another trade of 59% Fe heard to be concluded at Rs around Rs 3600-3700/t, delivered Vizag port.Market participants also highlight with rising demand, chances are high that prices will go up further.
International prices have gone up by about 35% since December on improved demand and rising steel prices across the globe.
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