Spot iron ore prices rose on Tuesday as traders bet on more
Chinese mills replenishing stocks.
Price offers for iron ore cargoes from Australia to Brazil and
India in top market China rose by up to $2/MT & Indian fines Fe 63.5/63 is
quoted at around $139/MT
“Traders are competing with one another to take cargo
to have some material in hand for the likely situation where mills will come
out looking to replenish further,” said a Singapore-based physical iron
ore trader.
Top miner Vale is selling 250,000 tonnes of 63.9-percent
grade iron ore at a tender that closes later on Tuesday, traders said. Vale
sold 98,000 tonnes of 62.8-percent grade material at above $138 per tonne on
Monday, slightly higher than a sale of a similar grade previously, traders
said.
Vale also sold 182,352 tonnes of 65-grade iron ore at $148.25
a tonne via the platform run by China Beijing International Mining Exchange,
over $2 more than a previous sale, the operator said on its website.
Leave a Reply