Spot iron ore prices in Chinese market noticed a sharp rebound preceding China National Development and Reform Commission (NDRC) approved 36 transportation construction projects.
Industry sources report market sentiments are good and buyers are willing to pay extra to secure the supply of raw material.
Spot iron ore prices gained as much as $6-8/t, with Brazilian 64+ Fe cargo being sold at $107/t where as Australian PB fines (61.5%) sold at $96/t and Indian 63.5/63 Fe sold at around $104/t CFR.
“There is some relief for Indian iron ore miners, we can see more number of Indian offers in spot market at $103-105/t CFR levels.” said an iron ore exporter based in Kolkata.
Leave a Reply