Friday, December 10,
China’s iron ore import market became more active on Friday, with steel mills and traders both keen to make bookings after offers stood firm above $170 per tonne.
Spot offers of Indian ore fines with 63.5 percent iron content remained firm for a third consecutive day at around $172-174 per tonne, cost & freight delivered to China, traders said.
The freight charges on India-China route has moved up by $1-2 to reach at $17
The steadily firm iron ore offers have started to loosen the buying resistance of traders and steel mills, who were cautious after a big price rise was seen.
“The first quarter of 2011 is approaching and transactions for forward and spot materials have inched up as first-quarter index-based prices will definitely rise,” said an iron ore trader in Beijing.
Two major iron ore indexes inched higher on Thursday, reflecting rising prices for iron ore selling to China.
The Steel Index 62 percent iron ore benchmark was up 40 cents at $165.4 per tonne on Thursday and Metal Bulletin’s iron ore index benchmark rose 72 cents to $164.42 per tonne.
Leave a Reply