With spot iron ore prices rising in Chinese market, buyers
are actively seeking for Indian cargo. Prices moved up by further $1-2 per
tonne as traders remain speculative on increase in prices in near term.
“Markets have been pretty active in last few days on
improved demand and rising steel prices in Chinese markets. There are many
cargoes sold by Australian and Brazilian miners but Indian offers are not too
many. Last offer heard from a large Indian miner was at around $108-109/MT, CFR
China for Fe 63.5/63 couple of days back. The way the market is retreating iron
ore prices, there will not be any wonder if they achieve higher than their
offers.” said an iron ore broker based in Shanghai, China.
Indian exporters have also got active in the domestic market
looking at the rise in international prices. There are quite a
few inquiries from domestic traders and exporters as many of them do
not hold stocks on port, said a local source based in India.
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