Spot iron ore prices in Chinese market gained substantially post their national holidays.Indian exporters do not hold much cargo on Indian ports, thanks to mining ban in Goa,several restriction imposed in Odisha and high freight charges and export duty.
A large Indian miner, Essel mining and Industries Limited managed to conclude Fe 63.5/63 iron fines at around $122-123/t CFR China, sources tell SteelMint. Better prices in spot market and depreciating Rupee has helped Indian exporters recently.
There were few more deals concluded by Australian and Brazilian miners as well, all at similar levels. Australian PB fines of Fe 61.5 was sold at around $121-122/t CFR, Brazilian Fe 65+ fines was concluded at $129.06/t CFR.
Market participants tell that prices likely to be in range of $110-120/t for Fe 63, as steel mills are still not convinced paying high for iron ore.
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