Spot iron ore prices in Chinese market moved up by 40-50 Chinese Yuan as steel traders kept on taking positions on anticipation.
“There is still uncertainly in the market, Chinese Iron and Steel Association (CISA) reported increase in steel production in first 10 days of September, which is not a good sign for market.
Iron ore traders are bullish also spot offers move up $2-3/t, but honestly we do not see many reasons for rise in steel prices.” said Mr Hudson based in Rizhao port.
Indian exporters heard to have kept offers unchanged at $108-110/t CFR China for 63.5/63 Fe.
” Indian Offers stand at same levels on recovering Rupee against USD (Rupee appreciated around 2% in last few trading sessions on government's new reform policy). Offer from a large miner was heard at $109-110/t for 63.5/63 Fe.” said an Industry source based in Mumbai.
Leave a Reply