Price offers for Australian iron ore in top importer China rose on Wednesday after cargoes were sold at higher prices the previous day, although buyers are unlikely to push up rates amid a persistently weak Chinese steel market.
He said the price increase may have had more to do with the limited spot availability of Australian Pilbara fines over the past two months, rather than a turnaround in the market.
“A lot of people doubt that the price increase will be repeated. Prices of port stocks didn't change. We have a lot of clients saying they would rather wait and see,” said a trader in Shanghai.
Indian 63.5/63 Fe remained same at 137-138/t CFR with no deals to be heard concluded.It is also reported that few mines in Karnataka will get operational next month. Local sources said material will be auctioned through MSTC and exports are unlikely to start soon.
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