Spot iron ore prices in Chinese market continued to maintain upward trend primarily on rising steel futures and also disturbed supply of iron ore from Brazil.Prices moved up as much as $2-3 on last trading session, with Australian PB fines of 61.5 Fe fetched $130/t CFR and Australian Yandi fines of 58% Fe sold at around $118/t CFR.
Although Chinese steel mills prefer Australian cargoes, Indian exporters managed to raise their offers to $126-128/t CFR for 63.5/63 Fe fines.
“Certainly Chinese steel mills and importers are looking for Australian cargoes over Indian. There are not many exporters holding stocks on Indian ports in large quantity. There are few trades happening but at a much lower price than Australian and Brazilian cargoes.” said an Indian exporter based in Mumbai.
Last deal done was a week back for 55/54 Fe was at around $68/t FOB, Haldia, he further added.
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