Wednesday, October 06,
With the Chinese National Holiday heading towards to an end, spot Iron ore prices touched near one-month highs and forward swaps extended gains. Offers of 63.5/63Fe cargos are above $150.
The swap price had a bull run yesterday with more aggressive bids seen. Oct contract was traded at $142 and Nov Contract was being traded at $141 which later went up to $141.5. Traded volume on swaps climbed to 263 lots, or 131,500 tonnes, from just 40 lots on Monday.
“Buyers are becoming more aggressive because of expectation of Chinese demand returning after the holiday,” said Destiny Guo, Iron ore swaps broker at London Dry Bulk in Hong Kong.
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