Spot iron ore fines market remain unchanged on Monday morning with 63.5/63 Fe at $146-147/t cfr despite steel prices in China opened higher.
The most-traded October re-bar contract on the Shanghai Futures Exchange rose 1.4 percent to 4,284 yuan ($680) /t .
” Sentiment looks positive at the moment, prices might stay high on rising steel prices and interest rates cut by Chinese banks.” said an Indian exporter based in Mumbai.
We sold a cargo of 59/58 at $108.5/t FOB, Vizag, he confirmed.
"I believe a lot of traders and even steel mills are betting that the market will get better, for both steel and iron ore," said an iron ore trader in Shanghai.
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