Friday, October 08,
Spot prices of iron ore have reached new highs, with offers rising sharply, as traders clung to hopes of brisk Chinese buying with Beijing traders returning from after a week-long holiday.
CNF price of Indian ore with 63-63.5 percent iron content is being quoted at $151-153/MT compared to offers of between $148 and $150 a tonne before China’s break.
Similarly, CNF prices of Brazilian and Australian cargos have also moved up by $4-5/MT.
“Spot market transactions will pick up next week as demand is also improving after the holiday, I expect iron ore spot prices to be mostly stable for the rest of the year”, said an Iron ore trader in Beijing.
Leave a Reply