Iron ore spot prices in China, the largest consumer of the ore, remained stable on good supply from Australian and Brazilian miners.
“There were quite a few cargoes tendered recently by Vale, BHP and RioTinto. Vale sold a cargo of 65% Fe at $158/t CFR, where as Rio Tinto fetched $156/t for 65% concentrate fines on CFR basis.” said an iron ore importer based in Shanghai.
Sources report that low grade fines demand has been good by Chinese buyers as ore offered by Australian and Brazilian miners are high grade.
“Buyers are a bit more cautious about Australian and Brazilian cargoes and we have a lot of clients asking for low-grade fines,” said a Shanghai-based iron ore trader.
Indian cargo of 61% was heard offered at $142-143/t, CFR.
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