There is no stopping for rising iron ore prices in spot market on strong demand, rising steel futures and short supply from Brazilian exporters (due to bad weather).
“Chinese importers and mills continue to buy Australian cargoes at a much higher price. Rio Tinto heard to have sold Fe 61.5 PB fines at around $135/t CFR. Indian 63.5/63 Fe is offered above $130/t CFR for the first time in last 6 months. Port inventories have reportedly gone down on Chinese port for the reason that supply has disturbed from Brazil due to bad weather.” said an iron ore trader based in Rizhao port China.
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