Spot iron ore prices in Chinese market moved up sharply as traders and mills returned back to market after a week long holiday. Participants actively looked for tenders floated by Australian and Brazilian miners.
Australian Yandi fines of Fe 57.6 was offered much higher yesterday on hopes that buyers will look to re-stock.Overall spot offers moved up by $3-5 per tonne.
Indian 63.5/63 Fe fines reaches at $114-115/t CFR, sellers prefer to wait and watch as they anticipate prices to go up further.
Indian mines minister have proposed a roll back of export duty on iron ore by 15% said sources. Though it looks difficult that bill may be passed soon.
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