Spot iron ore prices reaches
seven-week highs as steel mills in China build inventories ahead of the Lunar
New Year break later this month and expectations prices may climb further after
the holiday.
Offers for Indian fines Fe
63.5/63 reaches $ 148-149/MT (CnF). Rio Tinto sold 61.4-percent grade Pilbara
fines at around $141.50/MT, while BHP Billiton
sold 61-grade MAC fines also at $141.50, traders said.
Major Iron ore miners in Australia
i.e. Rio Tinto and Fortescue Metals
Group have suspended loading operations ahead of a cyclone bearing down on west
Australia and this should also support prices in the near term.
While, the Brazilian miner Vale
has not yet sold a huge iron ore cargo delivered to China via the
maiden voyage of its giant dry bulk vessel to its top market two weeks ago,
opting to store the material near a port, traders said on Wednesday.
“The vessel, Berge Everest, which
carried 350,000 tonnes of iron ore, was discharged into a bonded warehouse in
Dalian,” said an iron ore broker in Singapore. “From Vale's point of
view, it's not particularly wise to sell right now given the lacklustre demand
from Chinese mills.”
Leave a Reply