Spot iron ore prices moved up further by $2-3 per tonne

Iron ore prices in Chinese spot market moved up by another $2-3 per tonne on improved demand and rising steel prices.

There were few cargoes sold from Australian and Brazilian miners at a higher prices from previous trade reported local iron ore traders.

“Australian PB fines of 61.5 % Fe have heard to fetched $109/t (up by $2) , where as Brazilian 63+ Fe fines concluded at around $111 (up by $3). Indian exporters prefer to wait and watch.” Mr Hudson,an iron ore trader based in Qingdao port.

Indian exporters refused to comment on any offers made, though industry experts see high offers in coming days from Indian counterparts.